It was an eventful week for the euro with a significant decline first and the moderate recovery later. The euro keeps feeling negative pressure from the fears about anti-European Union rhetoric from Marine Le Pen ahead of the first round of French elections in April. In addition, the debate about Greek debt relief has once again resurfaced adding to the market’s concerns. The euro area’s preliminary PMI data for both manufacturing and services sectors rose to new cyclical highs but failed to provide support for the single currency. The main thing that let EUR/USD turn upwards was the weakness of the US dollar.