The EUR gained for the first time in a week after reaching its lowest price against the USD since 2006. This might signal an end to the short term rapid decline of the EUR against its major counterparts.

The EUR rebounded against the greenback after reports about the U.S. economy raised confidence among analysts regarding growth. Fears about an economic slow down in Europe are not over yet, but as long as the U.S. economy is still expanding investors' confidence should improve nt in general.

Today traders are advised to continue following new updates regarding the European fiscal crisis. Moreover, plenty of macro data due out should support the Euro if it is better than expected. The main data to watch is the German ZEW Economic sentiment, EUR economic sentiment, and GBP Consumer Price Index (CPI).