Inflation in the eurozone has risen to truly frightening levels, and the war in Ukraine threatens to plunge the major economies of Europe into a very deep recession.  Russia holds the key, because if Russia completely cuts off the flow of natural gas to Europe it really will cause an unprecedented economic nightmare.  Even now, energy prices in Europe have already soared to absolutely insane levels, and the Russians could make things much, much worse with a single decision.  The Europeans should have never allowed themselves to become so dependent on Russian energy, and now they find themselves stuck between a rock and a hard place.

So with everything that has been going on, it shouldn't be any surprise that the euro has been steadily falling.