The levels are clear. Unless the rally extends to 1.11-1.14, which is a major sell zone, the natural resting support for PA is 1.08-1.04 (a feeble one IMHO). Should this be broken--for this we would perhaps have to wait until CPI figures at the end of the month--we could go all the way down to parity.
Now the real issue here regarding fundamentals is how Euro CPI data will affect price from now on. It is a bit early to be doing this kind of judgement, but weak could signify the ECB's efforts are not enough, and thus a disappointed market could actually try to buy the Euro . This effect could strengthen towards the end of , but we are very far from that at the moment. In any case that would be going against the , so unless the USD starts to sink uncontrollably (something the fundamentals don't support at all), or the Fed try to stop USD strength from getting out of hand, selling the rallies should be the safe thing to do.