After some time drifting up and down, it seems that the Euro has finally shown its face. The pair is inside a diamond formation that will most-likely break south. If and when the pattern is broken south, than it should double its current short-term downtrend.
It took some while to form this one, but all the other formations seemed to be too obvious.
Also, price is currently trading very close to the lower border of an ascending channel that extends from the low of June, 2010. A break (very likely) will send this pair towards the 1.2300 area.
I still maintain my projection for an EURO below parity for the following years.