More than italian drama I think that there are other issue now:
1) brexit (while I was writing this just out other news related...)
2) low GDP growth
3) political uncertain in Germany
4) last but not least... trade war....
Markets sometimes ignore things, other times they anticipate what will be and other times they simply start worring later. I think that NOW there are many things that markets are discounting negativly (for the euro) and so if there will be any positive news flow for the euro area, this will lead to a substantial rise in the Euro. Also I don't think that US will conintue to be an happy island if the world growth will continue to soften and this will eventually have conseguences for rates and FED moves.
Anyway, I do look to macro for deciding to go long or short and to mantain a position (in the way I do that is not simply remaining long or short, but to trade a small portion of the whole position) but I also mainly looking at the market in a statistical/algoritmical/technical way and for now I don't see "huge" movement below those levels...
Thank you for you question @yhlasx!