The pair has once again struggled to convincingly break the 1.3800 level and while the ECB really don't have a huge amount of ammunition there are a number of other things going on behind the scenes which is holding the single currency back. Greece believes they can come back and fund its deficit through the issuance of debt next year however there is still strong disagreement between the Greeks and Troika on a range of issues. It's worth pointing out that Greece's CPI fell 2.9% and clearly EUR/USD at 1.38 is not helpful. Throughout European trade we get industrial and manufacturing production from France, Holland and Italy, while in Italy we also get GDP number. These three countries are firmly on my radar as key areas of concern in the Eurozone and unless we see a markedly weaker EUR then manufacturing will continue underperforming that of its German neighbours.