Yes, the momentum in the EU is moving in the direction of a common foreign policy, because the EU is recognizing that they carry a lot of weight when they can all reach an agreement on foreign policy. Together, they are a large group of countries and a force to be reckoned with, which makes them more powerful than when alone.
Before the EU can implement an effective common military, its various members must come to an agreement about policy. It is therefore a natural step in the process of the federalization of the EU to move toward common foreign policy. Recent action by EU nations, such as collectively taking on the problem of the Greek financial attack indicates that momentum is moving in such a direction.