Euro is gaining ground today against the US dollar, firming ahead of the upcoming EU meeting. Even though there are expectations that Cyprus will need more support, and the situation with the eurozone is still a long way from resolved, the euro is finding support today.

Euro is holding on to its gains against the US dollar and the Japanese yen right now, thanks in part to the news regarding those two currencies. However, there are still plenty of issues poised to plague the eurozone. Euro may not be on as stable footing as thought.

Forex market participants had hard time trading last week and it is not likely that this week will be in any way better. Uncertainty and confusion created by the situation in Cyprus leads to volatile and unpredictable moves. Unsurprisingly, the euro is one of the hardest currencies to trade right now.

The Polish zloty gained today on the optimism about the bailout deal for Cyprus. Gains were contained by concerns that the rescue package will not be enough to resolve all the problems.

The Chilean peso advanced on speculations that monetary stimulus in Europe will bolster economic growth of the South American nation, which continues to beat analysts’ forecasts.

The Japanese yen ended Friday with gains as uncertainty about the future of the United States and the European Union drove investors to the perceived safety of Japan’s currency.

The Malaysian ringgit fell today, following other Asian currencies in losses, as fears of recession in the United States and the European Union deterred investors from buying riskier assets of emerging economies.

The euro advanced today, reaching the highest level in a month against the US dollar, as Germany’s confidence improved and economy continued to expand. The news demonstrated that at least some countries of the eurozone may avoid recession, increasing the appeal of the euro.

The US dollar was soft at the beginning of today’s trading session on hopes that Greece will receive an aid after all. The positive fundamental data from the United States added to the weakness of the greenback. The currency trimmed its losses though and may yet rebound.

Euro is moving a little bit higher today, gaining ground against the US dollar, even as concerns about the situation in Greece continue to take center stage. Even with the delay, though, the euro is eking out gains as expectations that greater efforts will be made in the future.