The EUR/USD has tried to bounce over the past two days but is still struggling to get up and is under the 1.1350 mark.

The ECB Minutes came and went yesterday, with little to report on. Draghi still clearly has his concerns around the economy, but little can be done at this point and they must sit and wait.

At the same time we also saw the earlier release of PMI across different areas and we saw some of the Euro numbers pick up. Notably the key German Manufacturing PMI fell away sharply.

The main event today will be the Eurozone CPI print. No one is expecting miracles here by any stretch with the estimates to be unchanged at 1.4% YoY, however, weakness could be the trigger for some sharp selling, based on where we sit technically.

Technical Outlook

The EUR/USD has been following technical support and resistance with 1.1300 the major support and minor resistance at 1.1350 which has been tested in the last two days and held strong.

So R1/R2 are 1.1350/1.1400, but it is really the 1.4500 and 1.1500 where the strength is.

If price can break and hold below 1.1300, then that opens the door for a move to 1.1260, 1.1220 and ultimately 1.1200.