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How to trade the 'exposed' USD

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The euro has continued to weaken this Monday. We saw a massive amount of dollar buying last week and euro shorts are at a mutli year high. However, this could leave USD "explosed" and investors need to be aware of a change in sentiment, according to Saxo Bank's Senior Strategist, Ole Hansen.
Ole says for as long as we see bad economic figures from Europe, it would appear to be fair to maintain a short position in the euro but you need to "look over your shoulder" for sudden changes. If we start to break the highs of 1.3440, "I'd start to get worried", says Ole.
Also of note this Monday, a big rise in Scandinavian currencies. NOK is up one percent against the euro after better than expected Norwegian CPI figures.