The market is expecting the ECB to announce its QE program this week to the tune of €550billion ($635billion) this Thursday (1/22). The bond-purchase program is expected to be big in order to reinvigorate the economy in an environment of zero to negative inflation. EUR/USD has been free-falling as the market prices in this QE expectation. However, this week as the event risk draws near, we might want to remain bearish and expect sellers on the rally, but also be conservative with the bearish outlook.The 1H chart shows EUR/USD falling to 1.1460 last week before pulling back. As we got started with the week, the pair has cracked 1.16 and has the 1.1645-1.1650 resistance in sight. During the 1/19 US session, let's see if the EUR/USD holds below 1.1650 and if the 1H RSI holds below 60. This should keep the pressure towards the 1.1540, then 1.1460 levels.EUR/USD 1H Chart 1/19 (click to enlarge)Now, if the near-term resistance is broken, and the bearish momentum is lost (if the 1H RSI pops above 60), EUR/USD would have upside risk towards the 1.1750 area, which was a previous support area, and where the 200-hour SMA resides. We should limit the bullish outlook to 1.1750, which is also reinforced by a couple of falling trendline seen in the 4H chart.EUR/USD 4H Chart 1/19 (click to enlarge)If price approaches 1.1750, and the 4H RSI is around 60, and the 1H RSI is above 70, we should expect a bearish attempt.Now, after the ECB meeting and the QE announcement, the most likely scenario is a bearish continuation with risk of breaking below 1.1460. However, with the market already having priced in QE in the past few months, there might be some short to medium-term consolidation or bullish correction. This is more likely if the bond-purchase program is smaller than expected. If 1.1750 holds as resistance, we can favor the bearish continuation scenario. If price breaks above it, look for the market to turn sideways for a bit, with some short-term bullish outlook towards the next resistance around 1.1885, a support/resistance and where the 100-period SMA resides in the 4H chart.