The EUR is trading at parity with USD, which means 1 EUR can only change 1 USD now. Not long ago, 1 EUR can fetch 1.2 USD.
Some of the reasons that lead to the weak EUR are high energy prices, trade deficit, loose monetary policy, and the spread between US Government Bond and EU Nations' government bonds.
Let us take a look at the positions of Leverage Money (aka hedge funds) in the futures and options market. The hedge funds are still having a net short position on EUR although they had closed a huge portion of their short position since October 2021.
The long-short ratio of Leveraged Money is currently at -1.539. which means the number of contracts shorting the EUR is 153% more than the number of contracts long the EUR.
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Source: Net positions of market participants in EUR