Greece faded from the spotlight for a little while, but the erstwhile country is back on center stage as debt talks once again look to be on the verge of collapse. As a result of uncertainty in Greece, and due to other issues in the eurozone, it is little surprise that the euro’s recent rally has lost momentum.

The euro reached the highest price in more than two weeks against the US dollar today as European financial ministers discuss measures for dealing with the region’s fiscal crisis.

Euro is dropping, falling from highs not seen for two weeks, as Greek debt talks resume. They’re still working out the details with private bondholders on how to proceed. The euro’s recent rally has been based on the idea of the Greek deal getting done — and continued talks have some Forex traders nervous.

Euro is breaking higher today, moving through the 1.29 level against the US dollar. Good news regarding debt auctions in Europe, plus good labor market news in the United States, has Forex traders looking for higher yields.

Euro is gaining in Forex trading today, with a measure of optimism returning as Greek and Spanish borrowing costs drop. Also helping the euro is the good news coming out of Germany, with a better than expected ZEW.

This week looked good for the euro as Forex traders felt a little less concerned about the situation in Europe, but then Standard & Poor’s came in and spoiled traders’ mood.

There were high hopes for the latest Italian debt sale, but they were disappointed. Indeed, even though Italian debt costs dropped below 5 percent, the sale failed to raise the kind of money needed to overcome some of the budget woes. As a result, the euro is down against its major counterparts.

The euro climbed today, erasing its yesterday’s losses versus the US dollar and the Japanese yen, after the European Central Bank left the main interest rate unchanged and ECB President said he sees signs that the European economy is stabilizing.

The euro declined today after Fitch Ratings spoke about possible worsening of Europe’s credit crisis and potential disintegration of the eurozone.

Euro is managing to hold on to some of its gains for now. Euro saw some small success against the US dollar yesterday, and is working to keep those gains today. For now, the euro is receiving some help from European leaders, but Forex traders will need to get on board if the euro is expected to see any real advances anytime soon.