The euro currency closed in the red on Friday, but price action has settled comfortably above the 1.2100 level. The gains mark nearly three weeks of bullish close.
However, investors are likely to be cautious in the new week.
The ECB meeting looms on Thursday. Lack of any clear support near 1.1900 or 1.2000 levels could signal a short term correction.
With prices pushing lower on Friday, watch for any retracements back to the upside.
Failure to post new highs could signal a decline down to the 1.2000 level, followed by the 1.1900 level eventually.