The Euro is inside the US dollar basket. The grinding bear market that the Euro has been in since the 2008 top are diagonal waves. The Euro is just about a perfect inverse pattern to what the USD is so if your expecting gold to make a huge rally then you must expect the Euro to soar as well.
The Euro is in a rally right now but it is also near creating another death cross. The 2018 peak is a potential 4th wave peak or bear market rally so if that is a true position then the entire 2016-2018 rally will still get retraced.
This could take until the solar cycle ends and solar cycle 25 starts as solar cycles have a huge impact on business cycles and prices of commodities. The short version is that solar cycle 25 could be very bullish for the Euro, but is still 1-2 years away.
The commercial hedgers are net long but not by much, while the speculators have a strong short position.
The Primary degree wave 2 top in 2011 matched the first peak in solar cycle 24 which the disbelievers just think is coincidental. There is no question in my mind that the solar cycles have on earthlings as the 2009 bull market has demonstrated.
Short term the Euro could still be bullish but in time it should resume its bearish phase.