Reuters citing an unnamed source on the information

Says that the ECB is not going to change its communication in next week's meeting and drop its QE pledge. EUR/USD heading lower on the day touching lows of 1.2208 as the euro falls.

Well, to be fair I surely didn't think that they would have changed their message so quickly in the year. Hmm. But markets being markets I guess, more jitters for the EUR on the day.

Update: Further details on the report says that Reuters is citing three unidentified people close to the matter and that any fundamental change to guidance is likely to come only later with March meeting seen as more likely option.

Well, quite rightly I believe the market certainly did not price anything into next week's meeting. We haven't had any significant data points to suggest a change in message yet. Today's trading is all about sentiment in the EUR.

The German coalition news earlier here already injected hints of nervousness into the market, and this is the icing on the cake. Whatever sentiment the euro had in the rally to the upside is slowly waning today.

Despite the drop, buyers are still in control of the pair as this is just a minor retracement. Looking at the hourly chart:

The fall so far is stemmed by bids around 1.2200 as Mike pointed out earlier here. That coincides with the 23.6 retracement level at 1.2207. For now, price action suggests that we will see a battle around here - but a fall further towards the 1.2150 level could give enough momentum to sellers to take it through the MAs (red and blue lines) and regain control of the pair.