The euro is rebounding after falling to a two week low
EUR/USD is has risen more than 60 pips from the session low after testing the late-January lows. The quick reversal early in the week shows that although the euro is clearly damaged, it's an already crowded trade that will need a strong catalyst to send it lower. CFTC positioning data on Friday showed the the second-largest net-short on record.
Evidently, the Greek rejection of the bailout terms wasn't that news. Going forward, that might be telling. Greece is the obvious catalyst to weaken the euro but the bears might need more than some dicey debt negotiations to make it happen.