In brief. The crowd is short EURUSD, GBPUSD, USDCHF, AUDUSD and NZDUSD.. The positions were counted on 3 November 2026 and published on Friday 6 November 2026. 5 of 8 markets had the crowd at an extreme (an index of 20 or under, or 80 or over). This is the month's free report; it is replaced by the next month's first. Counted by the CFTC, read by us. The rules behind the reading are our own tests' findings and they are thin: they are not a forecast.
COT Report
The crowd is short EURUSD, GBPUSD, USDCHF, AUDUSD and NZDUSD.
Every week the regulator counts who is long and who is short in the futures behind each market. This is that count, read the Forexia way: the crowd's position is the map of the stops.
At an extreme
5 of 8
markets where the crowd is crowded
Most crowded short
EURUSD
index 0, 7 weeks at an extreme: no sells
Most crowded long
None
no market is at that end of its range
The dollar
Leaning long
the crowd across the seven majors, index 61
The positioning map
Where the crowd stands
The large speculators in each market, on their own three-year range. Choose a market to open its chart.
Market by market
The chart, marked up
The levels where stops rest, the day the report counted, and the path the report supports from here.
Euro
EURUSDCrowd short · no sells
- Crowd index
- 0
- Price, Wed 11 Nov
- 1.1160
- Since the count
- -0.3%
Projection
Up, after the hunt
The path the report supports, over about two weeks.
- 1The huntA push under 1.1131, last week's low.
- 2The close backA close back above 1.1131. That is the trade.
- T11.1251This week's high, 120 pips from the level.
- T21.1273Last week's high, 142 pips from the level.
- T31.1337Last month's high, 206 pips from the level.
A scenario drawn by rule from the report and the levels, not a certainty. In our tests from 2012 to 2026 this trade averaged +0.08R over 1,047 trades: a small lean.
The read
No sells on EURUSD this week: in our tests, trades taken with the crowd lost in 12 of 16 years. The trade the report supports is a buy: a push under 1.1131 that fails and closes back above it, ideally midweek, then held for days toward 1.1251 and 1.1273.
The crowd
Funds are net short 157,800 contracts, 18% of open interest. That is the most short they have been in three years, and their seventh week in a row at an extreme. They got there by selling: 44,800 new short contracts in four weeks. Price fell 0.6% in the four weeks to the report and is in the bottom quarter of its 52-week range.
The market makers
Dealers took the other side: 67,200 contracts bought in four weeks. They sit at index 100 on their own three-year range (net short 109,300). For them that is about as far to the long side as it gets.
The levels
The crowd's stops rest above the highs: 1.1251 (this week's high), 1.1273 (last week's high) and 1.1337 (last month's high). On the other side, the level to watch is last week's low at 1.1131.
What cancels it
No hunt, no trade: positioning is a backdrop, not an entry. A daily close under 1.1045 means the level broke instead of trapping. And if the next report shows the funds covered while price went nowhere, the fuel is gone.
Three years of the crowd
The index is this line: its lowest week in three years is 0, its highest 100.
Who holds what
Every group in the report, in EURUSD's terms. Contracts, net; + is long the pair.
| Group | Index | Net | 4 weeks |
|---|---|---|---|
| Large speculatorsthe crowd | 0 | −158k | −58.5k |
| Dealers | 100 | −109k | +67.2k |
| Asset managers | 0 | +145k | −45.0k |
| Leveraged funds | 0 | −78.6k | −34.3k |
| Commercials | 100 | +125k | +52.8k |
| Small traders | 30 | +32.9k | +5.6k |
The crowd's two legs
Open interest 876k contracts, +0.7% in four weeks.
How to read it
The crowd is the map of the stops
Three things on this page, and what our own tests of the report found.
The crowd
Large speculators are the funds betting on direction. When they are as short as they have been in three years, the sellers are already in and their stops sit above the highs. That is fuel for a move against them.
The market makers
Dealers are the banks that make the market. They hold whatever the crowd sold them, so their position is the crowd's in a mirror: the same fact seen from the other side, not a second confirmation.
The index
A raw position says little, because some groups are always long a market. The index puts this week inside that group's own three-year range: 0 is the most short the pair, 100 the most long. At 20 or under, or 80 or over, it is crowded.
With the crowd
12 of 16
years that setups taken on the crowd's side lost, 2011 to 2026. The first rule is which side not to trade.
Against it, on a hunt
+0.08R
a trade, fading the crowd on a hunt of a prior level: 1,047 trades, 2012 to 2026. Small, and not proven.
Held for
2 weeks
That is a swing. Day trades filtered by the report still lost.
Age at release
3 days
Counted on Tuesday, published on Friday. The charts shade the days it has not seen.
- It counts futures, a small part of currency trading: a sample, not the whole book.
- An extreme can last for months. It is a backdrop for the week, never an entry on its own.
- Two pairs crowded the same way against the dollar are one bet, not two.
- Every position here is in the pair's terms, so yen, franc and Canadian dollar futures are turned round.
Positions: the CFTC's Commitments of Traders reports, futures only (the legacy report, and Traders in Financial Futures for the currencies). Prices: Dukascopy, daily candles that turn over at 17:00 New York. A projection is a scenario drawn by rule from the report and the levels; it is not a forecast of what price will do. Tested results are from historical data and do not predict future ones. Pips on gold are dollars. Not financial advice: trade at your own risk.
When the COT report is released, and what date it is as of
The CFTC publishes the report on Friday at 3:30 pm New York time. It counts positions as of the Tuesday of the same week, so the numbers are three days old when they come out. A federal holiday delays the release by a day or two. This report was counted on 3 November 2026 and published on Friday 6 November 2026; the next is due Friday 13 November 2026.
Release dates to the end of 2026: 6, 16 (Monday), 20 and 30 (Monday) November; 4, 11, 18 and 28 (Monday) December. The Mondays are delayed by a federal holiday. Checked against the CFTC calendar on 10 November 2026.
Members read every week
This page is the month's free report. ForexiaPRO members read every week in full, with the charts and projections; ForexiaLite members read the crowd's position in every week. See what the membership includes.