The Euro began last week's trading session with a falling trend against most of the major currencies. The Euro even reached a 10-month low against the Dollar on Thursday. However, during last Friday, the Euro managed to rebound and erased most of its losses.

Last week's trading was once again mostly impacted by the Greece debt crisis. As the week began, it seemed that the European leaders will not agree on a rescue plan for Greece. This has reduced the already low risk appetite, and turned investors to look for safer assets. However, since Thursday concrete reports have claimed that an aid plan for Greece is about to be declared. This has boosted confidence in the region's assets, and as a result supported the Euro as well. In addition, the German Business Climate survey has delivered a better than expected figures, mostly as a result of the weak Euro that boosted export prospects. The combination of the Greece bailout notification and the positive economic data has strengthened the Euro promptly.

Looking ahead to this week, a batch of data is expected from the Euro-Zone. Traders should first and for most follow any development regarding the Greece debt crisis. This issue is likely to continue affecting the Euro for the near future. In addition, traders should take under consideration that a final bailout plan is likely to boost the Euro.