EUR/USD (a 4-hour chart)
The trading week began for the euro not bad.
The last meeting of G20 finance ministers and central bankers did not support the pair and just supported a further falling of the Japanese currency.
Bernanke on the G20 was true to his former course and said that he saw no reason for concern in the risk of inflation growing in the U.S. in 2013. The inflation is expected to be around 1.3%, which is 0.7% lower than the Fed's target rate of inflation in the country.
Thus, the Fed may not be in a hurry with the closing of its QE, although it is unlikely to be guided by the level of inflation in making such a decision. But for Europe such freedom would be very nice, but, alas.
In Europe the focus is still on Cyprus and Italy. The first can smoothly ruin the plan of its salvation, as its economy may require additional funds. Italy, in its turn, is sinking into a political crisis, delaying the recovery of the economy.