That seems to be a good question over the last week and today, where is the Euro getting its strength from exactly? Well the Grexit concerns may already be discounted, in my opinion the market is not too concerned anymore as to whether Greece exits the Euro or not. The single currency’s stability is a certainty so it brings us back to its relationship with the green back solely.
Considering Yellen’s last words it would seem very unlikely that any interest rate action takes place this Wednesday and even September for now is a maybe. So at this point it could well be that the Euro is oversold. Looking at the Day chart we can see price bounced off the 61.8% retracement line and is heading for the 23.6% line after breaking through the 50% and 38.2% Its toughest resistance level will be 1.14457, as it needs to decisively break that level for there to be any chances of further highs.