The EUR/USD managed to hold up strong this week and has fought off the bears at the 1.1300 mark.

The big news event this week is the ECB minutes, but as we have come to expect, there is little by way of major news likely to come out of it.

A far more interesting figure might well be the CPI print we get on Friday which is expected to show 1.4% YoY, which my any measure is still pretty low. The target rate is for 2-3% and the weak inflation must be keeping Mario Draghi up at night.

Technical Outlook

The EUR/USD has been following technical support and resistance  at 1.1300 is where we tested and bounced from late last week and into this week.

We have minor levels at 1.1350/1.1400, but it is really the 1.4500 and 1.1500 where all the sellers are.

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.