Now that the Greek saga has come to a conclusion, debt prices in the periphery have benefited. Spanish yields are down 8.5 bp to 5.55% in the 10-year maturity. Portuguese debt trades even better, falling 24 bp to 7.92%.
Tighter spreads to Germany (13 bp tighter in Spain, 14 bp in Portugal) tend to support EUR/USD, all else held equal.
If you are inclined to buy dips, the European bond market is a wind at your back today.
