We’ve been talking about this for the last few days and the market is sensing that the big speculative EUR shorts are starting to cover. As I mentioned last week, there was talk in the EUR/CHF market that at least two big players were trying to cover on the 1.37 handle and we also heard yesterday that there are some very big stops in EUR/JPY in the 114.50/115.50 window. Heavy stops are also likely to emerge in EUR/GBP above .8400 and EUR/AUD is approaching important support levels in the low 1.40’s. All of which would suggest that the risk for the EUR in the short-term at least is to the topside.