In the Eurozone we are very much interested in i) Tuesday's ECB survey of negotiated wage rates, and ii) Thursday's release of the flash PMIs for February.

One week implied EUR/USD volatility at 5% suggests investors think EUR/USD is going nowhere fast. That is a sign to avoid chasing break-outs. 

Our baseline would assume EUR/USD traces out a 1.0700-1.0800/0810 range this week. But look out for those Eurozone data event risks for a possible topside move.