ECB is likely to announce a 550 billion euro ($640 billion) bond –purchase program on policy meeting to be held on Jan 22nd (Thursday). The which is expected to be announced on Thursday will have negative impact on EUR/USD and so the pair is expected to decline further.
On the upside break above 1.11669 will take the pair to 1.1785/1.1850 in short-term.
The pair’s minor support is around 1.14585 and breaking below will target 1.1376.
Indicator (1 Hour Chart)
(50) – Sell
(14) – Sell
Recommendation: Sell EUR/USD around 1.1673, SL 1.1751, Target 1.1445.