What Comes Next: Since the broader trend is and the current sentiment is "risk-off" the US Dollar should strengthen against most currencies including the Euro . Keeping the in place and with a pickup in negative momentum the 1.1350 level will not hold, and the price will sink to 1.12.
Fundamental Impact: Thursday's ECB report is likely to reflect a Eurozone with weak and weak growth prospects. Concerns regarding Italy will be me the focus, and any commentary will be through the lens of Italian budget plans and the EU's response. Italy is the fourth largest economy in Europe.
Daily Chart here