A sad string of events has led the EUR onto a downtrodden path this past week. Suffering losses against every major currency pair, the 16-nation single currency could be looking to make strong gains with today's heavy news day.

The grounding of air travel in Europe has put severe pressure onto the Euro-Zone's common currency. Analysts are putting the losses so far around $1.7 billion, and declaring that regional airlines likely suffered more than the major airlines of the United States. With concerns over Greece's recovery and bailout still vividly on the minds of financial leaders, the volcanic eruption in Iceland appears to have come at the worst possible time.

Many investors in the forex market now appear to be claiming that the EUR may need more than one day of positive news events to turn around its most recent misfortune. Today's manufacturing and service data from the Euro-Zone could be a nice jumping off point for a rebound, but if figures come out below expectations traders should anticipate the continuation of the EUR's recent losses.