Average short price in EU is at ~ 1.1150 and long is ~ 1.20. If you look at the chart you'll see the big breakdown happened around 1.2-1.22. So it's safe to assume majority of retail shorts entered under this level and added to their positions all the way down to 1.045. Push to 1.2 will excite longs even make them add to their positions with the hope that it'll break out even higher and put all the shorts under water. That'd be perfect scenario to inflict the most pain to both longs and shorts and add to long term shorts.
BTW. It's not because banks are evil. It's to create liquidity. They need to run stops, force bulls to sell, shorts to cover to create liquidity, so that they can get in or get out of the market with their HUGE positions. It's not a conspiracy.