The euro has opened the new trading week slightly weaker against the US dollar after the pair suffered heavy losses after moving below the 1.1248 level. Going forward, the EURUSD faces a decisive week ahead as the ECB decides on rates and possibly QE timing. Over-delivering or underwhelming are all real risks ahead for the EURUSD pair. In the short-term, a breakout from between the 1.1200 to 1.1248 price range will be the next big mover for the EURUSD pair.
The EURUSD pair is only bearish while trading below the 1.1248 level, key support is found at the 1.1200 and 1.1175 levels.
If the EURUSD pair trades above the 1.1248 level, bulls could test back towards the 1.1285 and 1.1310 levels.
