As expected (just check the last few days posts), the Euro nicely rallied today. I believe it's the beginning of the short covering, which should create a self-sustaining rally on the short term (the more the Euro will rally, the more the shorts are going to cover).
Once the rally is deemed sustainable, the trend follower and momentum driven type of speculators will join, and lead the currency higher.
Then, the masses are going to see in this rally the demise of the dollar and we'll have yet another bounce.
Once the magazine covers start displaying the death of the dollar, you know it's time to sell your Euros again and revert back to the USD.
I've taken the opportunity given by the market during the last several days to build up my long EUR short CAD and USD positions to a reasonable size, though I would have preferred to grow it a bit more. The question is: shall I grow it after such a massive rally?