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Latest IMM data for week ended last Tuesday showed a long euro position of over 44000 contracts which, for those that don't follow it, is very high. This information came out Friday evening after the close and was summarised Sunday night on a few of the news wires. What happened first thing this week? Euro lost over a hundred points. Ok you can put it down to a fall in commodities oil etc but the point is that the IMM data wouldn't have had you go long euro, only short.
Sure it doesn't always work immediately, but it shows you where the danger areas are and what potential there is should a shock happen. I spent some time on it during a fx course so I know the basics, but there is so much more to learn and you should speak to a futures expert if you really want to know what its all about.
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