The EUR/USD is likely in a bearish continuation mode after Friday's dip, which followed Draghi's comments about the need of more stimulus. However price held above 1.2360, and is still within November's consolidation range. The pair started the week boosted by better-than-expected German Ifo Business Climate data, which improved for the first time in 6 months. However, this rally looks vulnerable and is at a juncture for selling.EUR/USD 1H Chart 11/25(click to enlarge) The 1.2440-1.2450 area presents resistance in the form of a previous support and the 50-hour SMA. The 1H RSI also tagged 60 and is turning down, showing maintenance of the bearish momentum started by last Friday's sharp decline. We do have US GDP data due in the Tuesday (11/25) US session:Prelim GDP Q3 annualizedForecast: 3.3%Previous (advance estimate): 3.5%US GDP in Q3 was first estimated to be 3.5%. The second "preliminary" reading is forecast to be slightly lower, around 3.3%. This should not be that big a deal, but if the reading falls below 3.0%, we might have concern that growth is not strong enough for the FOMC to stick with its mid-2015 rate hike schedule. This would be USD-negative. On the other hand, a reading close to 4.0% might give the USD a jolt and send the EUR/USD down to 1.2360 again with high risk of breaking lower.If EUR/SUD rallies after the data, and extends above 1.2450, watch out for sellers again in the 1.2480-1.25 area, which involves the 200-, and 100-hour SMA as well as a common support/resistance pivot area. If price breaks above 1.25, EUR/USD is still in consolidation/bullish correction.If price holds below 1.25, we should continue to look for a bearish attempt towards 1.2360, with risk of falling lower towards the 1.23 handle.