JP Morgan sees EUR/USD a sell-on-rallies in the near-term.

"Sunday gaps are always questionable so trying to gauge the appetite to sell the rally here as all we will do this week is chase the Bund- OAT spread tick for tick given the overall lack of meaningful data on the calendar," JPM notes.

"So levels to watch are the fresh low of 1.1161 last night and 1.1109 Fibo retrace support on the downside. On the top a close above Friday’s highs of 1.1285 would represent an outside day reversal and 1.1310/30 was the breakdown level on Thursday," JPM adds.