Euro Rebounds, Is Rally Sustainable?

The rebounded today, posting the second day of gains, but sustainability of the rally is highly questionable. Earlier, the currency declined as European leaders struggled to find a solution for the debt problems of the European Union.
Concerns about the potential breakup of the eurozone grow as politicians cannot provide anything that resembles a meaningful plat to contain the crisis. Germany still objects implementation of joint euro-bonds, arguing that it would not help to resolve the issues. Such indecisiveness may cost Europe dearly as Spain is likely to request a bailout, but the sheer size its economy means that it would be much harder (compared to Greece) to rescue the country.
EUR/USD climbed from 1.2415 to 1.2484 as of 13:44 GMT today, following the earlier decline to 1.2385. EUR/JPY was up from 96.95 to 97.58.

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