EUR/USD has risen from 1.31 to 1.37 in the last two weeks as market sentiment has switched from bearish to neutral and some players got caught short at the wrong levels. I do not think that 1.3650 is the right level to be bullish EUR at, regardless of what the real money funds are doing. Add in to the mix the growing reports, like this one from Bloomberg, on the evident discord in the ECB and the case for a consolidation/retracement of recent gains looks strong. If you don’t, like me, like buying the USD, then EUR/JPY or EUR/GBP are the alternative sells.