The euro traded at $1.2280, up marginally by 0.09% by 10.15am (London time).
The common currency was affected last week along with most other risky assets, after retreated on a worsening economic outlook. There are two key events taking place today - Mario Draghi, the European Central Bank president, will be speaking at 1.30pm (London time), followed by a meeting between EU finance ministers. The pressure will be on EU leaders to act fast on the measures discussed at last month's summit to combat the economic crisis. Aid for Spanish banks, a banking union and easier access to bailout funds were some of the steps discussed in June.
EUR/USD hovered near lows not seen since the middle of 2010. If the common currency breaks through the $1.22 level of support, it is likely to test the $1.19 level. However, with the euro dropping more than 3% last week, there is some scope for a temporary rebound.