Draghi's hesitation to declare victory last week over sub par price growth -- along with the ECB's subdued forecasts -- puts the spotlight on eurozone February final inflation and Q4 wages releases this week to determine EUR/USD direction.
That may leave the market drifting in consolidation ranges during the early part of the week, but there's the possibility of fireworks when the numbers come out on Thursday.
If inflation and wages undershoot expectations, then eurozone interest rates are likely to slide.
That should hasten widening yield spreads between the eurozone and U.S. L1N1QU0PM, which in turn could weigh on EUR/USD.
With long EUR/USD positions still perched near record highs , a market unwinding could lead to a test of support near 1.2100.
A major downside surprise to those data points could lead the pair to break lower from its broad 1.2100/1.2600 range and make a run for good support in the 1.1890/1.1930 zone.
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