We can't analyze the Euro without first consulting with the US Dollar.
Please see the chart annotations below.
The US Dollar has sold off to the lower 2 std dev channel and has closed below the 8-day ago swing low, triggering swing stops of trend traders.
However, the sell-off is not dramatic, unexpected, or out of the ordinary.
The sky is not falling as of yet, in order to trigger a sell setup we need to see price attempt to probe the prior highs and roll-over on additional weakness.
While the Euro has closed above the 7-day ago high as we'll see in the next chart it doesn't tell us if the upleg will be sustained for more than 1-3 days.
While I am short the Micro Euro in this upleg I will liquidate if over the next 2 days we don't see a reversal.