I say politically rather than fundamentally as the fundamentals are being ignored for the moment. The uncertainty surrounding Greece and what may be in store for other countries like Portugal and Spain means that the EUR will remain very nervous. Both the weekly and daily charts are in bearish phases with no signs yet of any bottoming signals or formations. Nevertheless, care is warranted. Any market which bounces 200 pips in a short space of time is telling us something. The EUR was, at least in the short term, heavily oversold against the USD, JPY and GBP and the bounce showed that the market is not completely 100% convinced. There may be more short-covering to come and existing shorts may now be more willing to cover on dips. Selling rallies still the way to go here.