JP Morgan highlights a scope for EUR/USD upside on corporate hedging shift.

"The dollar rally over the past month has pushed DXY above 100 and the euro below 1.14 vs the dollar. Spec positioning has moved accordingly, with the DXY having reached its most overbought level before retracing and the EUR positioning shifted further into negative territory. 

Our momentum signals in are similarly suggesting that momentum traders, such as CTAs are also short the euro and long the dollar," JPM notes.

"Corporate hedging shifts might be making the euro trading long vs the dollar even as spec investors are rather short," JPM adds.