EUR/USD: positioning -7.6%

On 2026-08-20, EUR/USD closed at 1.16738, up 0.81% on the day. It trades at 49.9% of its 52-week range. Its RSI(14) of 71.47 is in the 97th percentile of its history since 2003, and its 20-day return of +2.30% in the 85th percentile. RSI above 70 is conventionally termed overbought. Leveraged-money positioning is net -7.6% of open interest, at 3% of its own two-year positioning range. It is trading above its 20-, 50- and 200-day moving averages. Its 20/50/200-day moving averages are 1.15153 / 1.14718 / 1.16292, with price +1.38% / +1.76% / +0.38% against them. Its 52-week range is 1.13254–1.20236; it closed 2.91% below the high and 3.08% above the low. Its 20-day volatility is 0.313% daily, in the 12th percentile of its history since 2003. Its 14-day average true range (ATR) is 0.00601 (60.1 pips), 0.51% of price. It has returned +1.25% over 5 days and +0.48% over 60 days.

=== EUR/USD  (pip 0.0001) ===
  >> close 1.16738  +0.815%   · price > all MAs; positioning net%OI -7.6% (near bottom of own 137w range (band bottoms at -8.0%))
     cross-signal: flow signals align EUR/USD up: daily %, 20d return
  price & change   (as of 2026-08-20, prior 2026-08-19)
    close       1.16738
    change      +0.00944  (+0.815%, +94.4 pips)
    gap         +0.00960  (+96.0 pips)  (cross-session move on continuous FX; not a feed gap)
  range            (as of 2026-08-20)
    range       0.00408  (40.8 pips)
    close pos   8.8% of range
  moving averages  (as of 2026-08-20)
     20d MA     1.15153   price above by +1.38%
     50d MA     1.14718   price above by +1.76%
    200d MA     1.16292   price above by +0.38%
    price > all MAs
    stack: 200d > 20d > 50d
  volatility       (as of 2026-08-20)
    20d stdev   0.313% daily ≈ 5.0% annualized (×√252)   (12th pct of own history, since 2003 (5862 obs))
    vs easing-2024 avg  0.73× (0.313% vs 0.427% era avg)
  ATR              (as of 2026-08-20)
    ATR(14)    0.00601  (60.1 pips)
    ATR%        0.51%   (8th pct of own history, since 2003 (5868 obs))
    range/ATR   67.9%
  52-week range    (as of 2026-08-20)
    high        1.20236   (-2.91% from high)
    low         1.13254   (+3.08% from low)
  momentum         (as of 2026-08-20)
    RSI(14)     71.47   (97th pct of own history, since 2003 (5868 obs))
  returns          (as of 2026-08-20)
     5d return  +1.25%
    20d return  +2.30%
    60d return  +0.48%
  volatility by rate-era
    pre-crisis       1.05%   (from 2003-12-01)
    ZIRP-2009        0.66%
    tightening-2015  0.49%
    ZIRP-2019        0.39%
    tightening-2022  0.55%
    easing-2024      0.43%
  positioning      (as of 2026-08-11)
    next COT     as of 2026-08-18 (released ~that Fri, later if a holiday intervenes)
    net         -60,600 contracts (net short EUR)
    net % OI    -7.6%
    net%OI range -8.0% … +6.5% (own 137w)
    w/w change  -8,395
  rate differential (EUR–USD policy)
    EUR (ECB_DFR)         2.25%  (set 2026-06-17, deposit-facility floor)
    next ECB              2026-09-10  (21 days)
    USD (EFFR)            3.63%  (as of 2026-08-19, daily effective)
    next Fed              2026-09-16  (27 days)
    differential    -1.38%  (base−quote)
  10Y yield spread (US–EU)
    US (DGS10)      4.65%  (as of 2026-08-19)
    EU (euro-area AAA 10Y) 3.28%  (as of 2026-08-19)
    spread          +1.37%
  2Y yield spread (US–EU)
    US (DGS2)       4.19%  (as of 2026-08-19)
    EU (euro-area AAA 2Y) 2.78%  (as of 2026-08-19)
    spread          +1.41%
  cross-asset corr (26w weekly returns; async daily closes cap the magnitude)  (as of 2026-08-20)
    vs DXY      -0.84
    vs S&P 500  +0.44
    vs DXY beta -0.73 (26w)