The Euro began last week's trading session with sharp losses against the major currencies. However, close to the weekend the Euro began to recover against the majors, and marked a sharp uptrend against the Pound and the Yen.

The Euro's downfall at the beginning of the week came as a result of the Greek debt worries. The Euro-Zone's leadership seemed reluctant to provide a bailout plan for the Greek economy, and investors have fears of its effect on the Euro-Zone. This has decreased risk appetite in the market, and turned investors to look for safer investments such as the Dollar and the Yen.

However, reports that the Euro-Zone is working on a quick bailout for Greece have boosted the Euro. It seems that Germany has prepared a plan in which the Euro-Zone's nations will provide aid worth about 20 billion Euros for debt-laden Greece. These reports are yet to receive an official confirmation, but the speculations themselves were enough to boost the Euro. It seems that further positive indications regarding the Greek debt crisis are likely to support the Euro. However in case that a rescue plan will not be published soon, the optimism in the market could be erased, and the Euro will be damages as a result.

As for the week ahead, the most impacting data from the Euro-Zone appears to be the German Business Climate, which is scheduled for Tuesday. This is a survey which attempts to forecast the business conditions for the next 6 months. A positive result is likely to support the Euro. Traders should also look for any development regarding the Greek economy, as this seems to be the most influencing issue at the moment.