The euro teetered above Friday's multi-month lows against the dollar and yen today.
Dealers are waiting to see if economic data this week would justify the recent shift from bonds into growth-oriented equity markets.
The euro suffered its biggest weekly fall in more than two years last week as renewed confidence in a global recovery sent investors out of safe-haven euro zone bonds - a popular defensive trade at the start of the year - and into stocks.
Trade was thin with London closed for a holiday, but activity was set to pick up tomorrow with the release of Germany's Ifo business climate index and US durable goods and consumer confidence data.
"The euro is consolidating after coming under a lot of pressure last week," said Ms Geraldine Concagh, economist at AIB Group Treasury in Dublin. "People are looking ahead to a heavy data schedule this week and more strong US numbers could push the euro below the $1.08 level."
The euro was little changed at $1.0878 in early European trade, but still within half a cent of four-month lows hit on Friday. It stood at 127.85 yen, half a yen above Friday's five-month low.
A pause in the recent global stock market rally also gave respite to the Swiss franc, which fell on Friday to its lowest against the dollar in over a year.