The first reading of the Eurozone fourth-quarter GDP figures is due for release later today at 10:00 GMT. As there are downside risks to this reading, the EUR/USD pair should stall at the key 1.1200 hurdle, economists at ING report.

Thursday's ECB meeting unlikely to provide EUR/USD with much support

“Downside risks to the Eurozone GDP number are possible, given Germany's poor reading, but our team still expects a rebound in the spring or summer. That should be a key theme in helping EUR/USD to build a floor in the 1.08/1.10 area later this year.”

“In the shorter term, the biggest input to EUR this week will be Thursday's ECB meeting. This looks unlikely to provide EUR/USD with much support. And we think today's correction in EUR/USD should be relatively shallow and stall ahead of 1.1200.”