The Euro looks as if it’s about to move lower from current levels. When you step back and look at the big picture it’s been making a wave of lower highs and lower lows since the 08′ top and looks to be near the upper range of the downward channel. A break below $140 could send this significantly lower.
However, if this does rally and break above the upper trend line with good volume I would expect this to challenge it’s old highs from 2008. This is the more unlikely scenario, but it’s always a possibility and one most plan for it accordingly.