We cannot overlook that this pullback is coincident with the renewed market worries about sovereign debts in peripheral EURO countries.
See a related news from yesterday ...
Portugal's bond yields spike (to just under 7.5%) a day ahead of an austerity vote that looks like it will fracture the government. JPMorgan puts the likelihood the government will fall this week at "high."
However, I'm not saying we should short EURO ... it may be a dip buying opportunity if China is side with the strong EURO policy as Chinese government has been saying.