The euro currency is reversing some of the losses from earlier in the week.

Price action is up, by over 0.30% intraday. The gains come mostly on the back of the US dollar which is currently retreating.

The weakness in the USD rekindles the recent sell-off that occurred in the greenback.

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However, the ECB meeting will be critical for the euro. In the near term, EURUSD will be struggling near the 1.1900 handle.

A breakout above this level could, however, confirm further gains.

To the downside, the 1.1715 level will be key for the common currency.

If support fails, then we could expect to see a larger correction taking place.

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