I think nanghihina na mga bears sa EU. Check this out:
Meron na namumuong bullish divergence dito sa pair na to. (blue lines). Ang nakikita ko lang is that this could make 2 scenarios sa reversal nito. It's either it will just break the yellow short term line and make a V reversal (A)or it will form a base (2 purple lines) then go back up(B). Or worse it will just continue down forever(but unlikely).
Personally I think it continues to go down during these thin markets it's because the big guys are looking for the cheapest price to buy this one (maybe 1.42?). Remember that this is a thin market now due to the holidays. I remember last month when the EURUSD was testing the 1.51 level? They pushed the price up because it was a thin market(thanksgiving holiday). Then when the market came to its senses it came back down immediately.
Either way the best timing should be when both lines are crossed. My personal target is 50% Fib (ala Jacko style). I believe this is still in a downtrend so in other words counter trend tayo if the conditions are met.