The 1.49 area was well respected as resistance. This level also happened to be a 61.8 % Level for the high and low between 1.17 and 1.09 respectively. The bears may move in to take further control of the pair.
The greenback is still in a relative uptrend as major lows haven't been broken. My personal strategy is therefore to look for Long positions at the 1.13 psychological price handle, that confluences with the 50.0 % Level of the most recent bull wave from the 1.110 low to the 1.149 high.
For the US dollar to gain further traction against the euro , it needs those market measures of Fed rate timing to turn around. In early-August, the probability of a Fed rate hike in October was seen as nearly 50 %; now it is only 6 %. Any indication by these market measures that a rate hike in 2015 is a real possibility - now seen as only a 30.5 % chance of happening - could prove to be a big boon for the greenback amid what should be a flurry of activity this week.
On the other hand, FX:EURUSD rallies may be capped with the ECB meeting this week.
SL at BE.
Probably in anticipation of the ECB Meeting.
Draghi and team were more dovish than expected.