Based on the recent confirmation by the ECB that it is considering the purchase of sovereign bonds as an addition to its other easing measures, the bias in the Euro is currently to the downside. As far as the EURUSD pair is concerned, however, the revised GDP figures for the USA, due out later today, could have a bearing on its continuation.
There is a sense in the Forex market that these figures will be disappointing. If so, they will provide additional force to the FOMC instinct to prolong, for some time, the rise in core interest rates that are under consideration. This could cause the Single currency to reverse its recent decline, at least temporarily.
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