Until Tuesday, institutions were seen cut their Euro bullish bet the most in 2018 , which was shown in the latest COT as of Tuesday, Apr 24, 2018.
The institutions net long Euro positions decreased last week by 20,882 contracts to 130,594 contracts.

21,885 long positions were closed, and 1,003 short positions were closed as well . Now Longs total 216,944 contracts vs shorts total 86,350 contracts .

72% long exposure vs 28% short exposure, which 1% decreased in longs and 1% increased in shorts from previous week

This week Euro started at 1.2368 on 4/18, rallied up to 1.2397 high, after 5th failed attempt to 1.25, they started to unwind their longs, which caused Euro dropped to 1.2231 at close on 4/24/2018

Euro had solid support at 1.22 for last 3 months. After Cot , on Thursday, we had big 5.6 bln option expiration struck at 1.22, Euro fell to 1.2055 after settlement, which indicated institutions intention to lock in their profit, which they have been building their net long positions since May last year

Long Term Bullish , Short Term Likely Point To Higher To Go Test The Broken Support 1.22

Please note institutions take weeks and months to build a position in the currency market. For Euro, they have built their net long positions since 5/9/2017.
Therefore, the bullish sentiment is more for long term outlook, not intended for short term trading.