Has the long term trend in the Euro run its course?

The long term down trend of the Euro has been in force since reaching around 1.60.
The support in the 1.11 -1.12 level has resulted in very low volatility and a search for a base.
The Euro started at .90 and in my mind the thought arises that the cycle may not be finished.
A final decline to .90 would create the kind of panic that would finish the cycle and then end the USD rise for years.
After low volatility for so long we can expect a very sharp move soon.
What will be the direction?