The eurozone is experiencing great stress. Italian debt levels are rapidly becoming unsustainable. Without ECB bond buying, yields would ratchet up pretty quickly, setting in motion a host of self-reinforcing mechanisms.
While the ECB has thrown out the rule book in order to prevent that, it has come under heavy pressure from the Germans and more especially the GCC, the German Constitutional Court, which ruled against it in no uncertain terms.
Despite this obvious uncertainty and fragility, we could actually see euro (FXE) strengthen as a result of a hamstrung ECB, although the