ING Research on EUR/USD near-term outlook.

"Unwelcome news for French politicians late Friday came in the form of an unscheduled ratings review from Fitch. It shifted its outlook on French sovereign debt from stable to negative and promised another ratings review by the end of February. It currently rates France as A+. Reasons for the outlook shift are familiar by now, but they centre on the government's failure to improve public finances at a time of weak growth," ING notes.

"We would think that the news limits the potential for EUR/USD to rebound on softer energy prices. We suspect there will be more EUR/USD sellers in the 1.1200/1250 area should it make it that far," ING adds.