EUR/USD Ignoring the "Canary in the Coal Mine" (BTP/BUND Spread)

Admittedly, the EUR/USD is off of last week's highs, but it is nonetheless, still trading above 1.1400, despite the continued blow-out of Italian bond spreads to Bunds.
This has not traditionally ended well!
In previous published ideas, I highlighted technical reasons why I've been short EUR, in addition to the fundamental reason, primarily being the central bank policy divergence that his likely to persist through the year. The BTP/BUND spread blowout is telling...and I'm heeding it!