QE seriously launched in the Euro zone, followed by swing to the anti-austerity left wing in the Greek elections: factors that would signify continuation of the downward plunge of the Euro. The bounce-back of the last two days is not about the Euro. It's about the ending of the US Dollar rally against the currencies of the rest of the world. We can anticipate that the EUR/USD will continue upwards for a little while, but then revert into a decline against the rest of the world.