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Euro/dollar fell even further as the crisis deteriorated but recovered from the abyss as bold statements were made by Draghi and other figures. It is now delivery time in a very critical week for the euro. Apart from the highly anticipated rate decision, the calendar is packed with events . Here is an outlook for the upcoming events and an updated technical analysis for EUR/USD.

Greece unsurprisingly missed most of its targets, Spanish regions are falling one by one, and Italy is getting closer to elections. Unsustainable bond yields became even more unsustainable. It is always darkest before dawn, and Draghi can bring this dawn. Leaders of Germany and France joined ECB president Draghi in pledging to do everything to save the euro. The central bank has the tools to act, such as a full QE program among other options) in this dark hour and totally change the course of the debt crisis, or join the leaders by proposing only half measures and sending the euro to an even darker hour.

Read the rest of the article [B][I][URL="http://www.forexcrunch.com/eurusd-outlook-july-30-august-3-2012/"]EUR/USD Outlook July 30 – August 3 2012[/URL][/I][/B]