Over the past two weeks there has been interesting earthquake activity in El Hierro volcano in Canary Islands. What is so interesting about this earthquakes is the fact they are getting more shallow every day or so. Currently the most shallow activity that has been taking place is around 6km depth. But this is an rise from about 12 km depth.
What this means in my opinion is that magma is most likely rising to the surface at the location where the earthquakes are currently taking place (dike intrusions). This did happen before the first eruption in Eyjafjallajökull volcano. So it is an important to keep an eye on this earthquakes and where they happen, as eruption might take place in nearby area of this earthquakes. As magma might, and most likely is going find an clear path to the surface soon. The last part of that before an eruption might happen with no noticeable earthquakes at all. They might well be just over ML2.0 in magnitude or smaller.
It is impossible to know for sure when or if an eruption happens in this area. But I find that is most likely going to be the case given the current activity. When and where is impossible to know for sure at current time.