The dollar on the other hand has been gaining in strength the last few months with the DXY shooting up to 88.28 last Friday.
This pair is still in the daily as a rising hourly channel again failed to break the daily . I now see it trading within a steep and if it respects the upper of this channel, it might break through support, then retrace only to decline further. I would enter the short conservatively, meaning only after break, retrace and subsequent bounce of resistance.
This is a concrete short term scenario, lets wait and see if the pair follows “the script”. EU has been rather moody and choppy lately and market sentiment matters, so beware!
Greece and Spain's economies are actually growing well above the eurozone average but are suffering huge social and political tensions due to high unemployment and cuts in salaries and welfare. I live in Spain and see this every day. Italy is suffering from deflation.
Even though every now and then lip service is being paid to certain constituents, I think the real political will to break up the Eurozone is simply not there. And there are actually reports that say the richest Eurozone countries have become richer since the crisis. It is indeed a crazy world.