The Euro closed higher as traders became more optimistic that a multiyear rescue package agreement would soon be reached between Greece, the European Union and the International Monetary Fund.

The Euro was under pressure throughout the New York session as uncertainty over the Greek bailout package encouraged more selling. Downside momentum dried up as the market approached last week’s low at 1.3443. This triggered a late session short-covering rally which helped erase close to half of its losses.