Currency strategists paint a mixed picture on how investors are positioned for the euro. Many shorts were squeezed after the ECB meeting undershot heavy expectations for significant easing measures. But Bank of America Merrill Lynch says hedge funds, which had been selling the common currency for 7 months, are nearing a net flat position. Meanwhile, "real money never believed Draghi, was buying the euro dips before the ECB and bought even more after the ECB disappointed." Positioning indicators at BNP Paribas show many of the euro shorts were vacated last on Friday and that there's now plenty of room to add fresh bets, allowing the euro to drift lower in the coming weeks. It notes European investors are seeking yield abroad and "that will accelerate in 2016," weakening the euro.