The Euro is definitely looking lower, the big question is, how much lower? The Euro zone could benefit from a lower priced Euro, this will boost German and French exports. In Greece it is unlikely Syriza will win an outright victory in the Elections so perhaps a coalition is on the cards which may not have an impact on the Eurozone at all. On the other hand demand is still lower and more stimulus will follow even a potential rate cut, so longterm I am not a Euro Bull.
The order flow clearly says short. The Euro is a extended 5th wave so the short side is dominant with volume to back the sell off. A reaction is expected between 1.1957 and 1.1930 on the long side but will it hold? A break will expose those lows close to parity, 1.1387 becomes a possibility and yonder...