The euro has worked through resistance in the low 1.3320s and has broken the 61.8% retracement of the 1.3440/1.3164 decline at 1.3333 and trades now at 1.3335.
Falling risk aversion after China deferred a rate hike after its firm inflation report over the weekend, fears the US tax deal working its way through Congress will weaken the US AAA rating and hopes that Europe will come up with a more compressive fix to the ongoing sovereign debt crisis are all helping support the single currency.
1.3400/40 is a tough area of resistance above the market near-term.