Euro speculators turn bearish, but still too bullish?

Euro speculators are more bullish now than they were at any point in the first half of the year, during which time the euro tumbled from more than $1.50 to less than $1.20. In the very near term, the euro is starting to look oversold, but it looks to me as though there's a lot of selling power out there. Notable this week is that the speculators turned bearish overall.

As for silver, the speculators became slightly more bullish after several weeks of reduced positions.