I think it hangs on the ECB meeting at end January and how big the liquidity injection is going to be. The market is positioned for something fairly drastic so if the news surprises on the upside or downside we could see some dramatic moves in the euro as things correct themselves.

Anyways like you said entering any long euro trades right now is high risk but could pay off big if we see a sharp reversal. That could happen if the QE turns out to be less than expected. We will also have to see the benefits of this and once economically things start to look upwards the eur/usd may be on the up again, but that is away off yet.