Here is a chart of Euro futures(E6), weekly continuation(charts from barchart.com).
Note that the commercials are dumping their longs, what has a potential bullish implication for eurusd.
There is some room until the next resistance level, open interest is dropping and the high volume on the last bars can be absorption.
But it is a weekly chart so, intraday, we can have some pull-backs as well.
I never used the COT charts, but studied it from Larry Williams book. Also, a fellow trader(Cristoph Lahrs, @CJOLars) is very knowledgeable about it and was calling a bull move based on COT.
Of course, it took some time to materialize but you can see that it happened when the eurusd reached a strong support level around 1.2040, a multi-year low(was the support level that pushed eurusd high or the power of the smart money?? :-).
Then, we had this amazing rally, whilst the news was predicting the end of the world(again...)!
So, from now on, I will pay attention to its signals and behaviors.