After 10 torrid months of worsening euro sentiment, short positions on the single currency versus the dollar among non-corporate FX buyers have begun to recover slightly following Greece's bailout, according to data compiled by Citi analysts.

Data from trades executed on CME Group, operator of the largest on-exchange currency derivatives market, shows the activity of non-commercial traders such as hedge funds and proprietary trading firms. Citi says these tend to be speculative and trade for non-hedge related purposes.