Euro's drop suggests its wave down may go deeper

The euro's steep drop suggests that my thought of a second leg down (such as a "c" of 2 down) may still have currency, so to speak. While some of my notes on my monthly chart of ($XEU) are outdated, the basic idea may be showing up. Meaning, a retracement as low as the .618 level marked on that, could occur to around 112.

We may see a bounce soon but remaining under the 200 dma helps reinforce this bearish view.