The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
Despite the active decline of the euro in recent days, the overall picture in the COT report on EURO FX indicates bullish sentiment.
According to the COT report on EURO FX (CME) as of May 12, 2026:
Open Interest (OI): 829,377 contracts (each contract is €125,000). Increased by +13,435 over the week.
Long: 224,002 (27.0% of OI) — increased by +6,528
Short: 183,802 (22.2% of OI) — decreased by -1,470
Spreads: 32,115 (3.9% of OI) — increased by +2,689
Speculators significantly dominate the longs, indicating a net bullish position. This suggests that large funds and managers are betting on the long-term rise of the euro.
Long: 485,382 (58.5% of OI) — increased by +4,496
Short: 564,436 (68.1% of OI) — increased by +10,171
Hedgers traditionally take positions against the trend — they have a net short position, meaning they are hedging against the risk of a rising euro by selling futures. Number of traders: 142 long / 99 short.
Long: 741,499 (89.4% of OI)
Short: 780,353 (94.1% of OI)
Long: 87,878 (10.6% of OI) — slightly decreased (-278)
Short: 49,024 (5.9% of OI) — increased by +2,045
Small participants also hold a net long position on the euro.
The overall picture of the COT report for the euro remains bullish: speculators are building up longs (+6,528 over the week) while simultaneously reducing shorts (-1,470), forming an expanding net long position. Small traders are moving in the same direction. The increase in total open interest by +13,435 contracts, combined with aggressive accumulation of longs by speculators, signals a strengthening bullish consensus in the market—this structure historically precedes a continuation of upward movement in EUR/USD if the fundamental background doesn't change sharply.
However, the fundamental background remains the key risk. The conflict in the Middle East has turned into a global event in the field of energy security: disruption of shipping, a sharp decrease in LNG availability, and rising risk premiums for oil, gas, and electricity. The European Central Bank warned in the aftermath of the last meeting that a protracted war in the Middle East could lead to a more significant and prolonged rise in energy prices than expected, further driving inflation in the Eurozone. This puts the central bank in a very uncomfortable position: fighting inflation while maintaining support for a weakening economy.
All this suggests that the market is currently operating in a wait-and-see mode, where fundamental data takes a back seat to headlines from the Middle East. At the same time, a significant portion of the conflict's resolution is already priced in, and any sudden escalation could trigger a sharp drop in EUR/USD.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
