On that chart, you will see that 50% Fib retracement at 1.2133 has been crossed. And since that time, baring in mind the policy of ECB, I claim that EUR would go bellow 1.15 towards 1.
When you see the with that time frame, it appears clearly that EUR is oversold. This is not a natural move, nor able to be explained with Greece, The situation in the middle east, deflation or the Situation of Ukraine.
In technical terms, if you do compare US monetary mass in USD andEurozone Monetary mass in EUR, EUR should be well above 1.40 But there is a policy behind that situation. There is a political will of low EUR and this chart sum the situation very well.