The pair has obviously flirted with the 1.37(xx) level and broken it before returning above it - only just...
Three hundred pips in a few days means that there certainly is a sell-off for the Euro... What we do not know is whether
it is all coming from ECB 'QE' speculation, or from technical levels (the 1.4000 level being too strong to break, historically),
or from some capital repatriation from periphery bonds (Italian and Spanish)... It could be a combination of these factors,
in which case there is a strong possibility that this is enough spark to light the fuel of de-leveraging of EUR/USD longs on
massive scale...all the way down to below 1.30(xx)...