• Number of EUR/USD shorts little changed during Feb's rally

• Pair 1.0125 EBS on Feb 3 reached 1.0514 last week

• Net short $8.6 billion on Jan 31 still $8.3 billion on Feb 14

• Source of demand far more interesting if non-speculative

• Non-spec flows tend to be far less transitory

• Short covering will support EUR/USD at some stage

• Bullish signal may encourage traders to unwind bearish bets

• All shorts will be covered, whether profitably or not is what matters

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EURUSD

(Jeremy Boulton is a Reuters market analyst. The views expressed are his own)