The Euro remains between 1.15 and 1.16 as investors see no major developments in the Brexit talks between the EU and the UK. However, things will change today as investors will shift their eyes towards another key driver. This driver is the European CPI figures which will give investors an idea about the inflation environment in Europe. A higher than expected rise in inflation will prompt investors into speculating that the ECB will begin to hike rates sooner than expected and thus increase demand for the Common currency.
Based on the EU's CPI figures, the Common currency will either break above the 1.1631 resistance or break below the 1.1517 support. Additionally, any announcement related to Brexit might also drive the pair into breaking in either direction. Keep in mind that a break above 1.1631 will pave the way for a rise towards 1.1710, while a break below 1.1517 will pave the way for a drop towards 1.1438.
Support: 1.1517 1.1438
Resistance: 1.1631 1.1710