First, it's quite interesting to see that the Euro has rebounded, but that yet, the speculative short positions from commercial traders has risen to yet another all time high (see chart below).
Peter Campbell over at M3 Financial Analytics has posted quite an interesting post about the Euro. According to his chart and his analysis, the Euro bottoms only after the short covering has started, and the current rebound might be a head fake.
As you know I am now long the Euro. So the consequence is that I will need to monitor tightly those positions as Peter might be right on his analysis — although I hope he's not ;-)