Fib3 shows the buy zone we are currently approaching if the selling continues. Looks like a long opportunity to me, if we even reach that place.
Fib2 shows the current short level we are trading, even if we break the 1.26 area AND trade the short to target (the -0.236 fib level), we end up at price holding longs.
I am not a eurozone bull however. I hope to see the whole euro experiment come to an end as soon as possible. But it doesnt make sense to trade those fundamentals or hold a bias. Look at what they did in the US and how much "recovery" they got for it. Default is unavoidable. Both sides are doomed. Trade technicals until the light goes out on your account.