If there is a likely area for the recent decline to end, this should be it; if your methodology is flashing a buy signal in this area, it could be that this will lead to a very profitable long position. I'm still looking for a rally to above the 1.1100 area before the long-term downtrend is re-established, but even a simple corrective rally could easily cover 100+ pips.
Should price decline to below the dotted red line just beneath the 0.786 level, I would consider the long-term downtrend to be confirmed, and would look to short any decent rally after that event. I expect to see parity by early summer, but that's just an opinion...
The daily 14 appears to be finding support at its and the 40 level, indicating the possibility of a reversal; I'm also seeing a setup forming on the daily modified that I use. I don't often see potential setups this compelling; if short, you might want to tighten the stops and get ready for a decent long play - SOON.
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