The euro edged higher on Friday, putting it on course for a third straight week of gains, its best performance in just under a year against a dollar weakened this week by some softer U.S. economic numbers.
A far stronger than expected reading of Germany's economic growth in the fourth quarter helped maintain a recent feeling of greater stability around the single currency.
Three weeks of turmoil over Greece's financing and future in the euro zone have done little to shake the euro itself. At $1.1354 on Friday, it is up almost 3 percent over that period.
"It is really telling that all of this debate around Greece has not sent the euro spiraling lower," said Simon Derrick.
"It is all very tentative and based on nothing more than the price itself rather than any deeper economic analysis, but there is just the feeling that maybe the euro is beginning to make back some ground."
Like most major bank analysts, Derrick has predictions of the euro falling back towards parity with the dollar over the next year or so.
Positioning still appears massively weighted towards more gains for the dollar and the running assumption has been that any rally for the euro only allows dollar bulls to take profit and reload in favour of another rush of gains.
The longer the euro resists another plunge, however, the more temptation there will be to take more of the profit on such positions built up in recent months. Helped by the German numbers it was up 0.25 percent at $1.1430 early on in Europe.
"Have we got this wrong, I don't know," Derrick said. "I return to the flow data and what it tells me is that since the announcement of quantitative easing, we have seen inflows to euro zone sovereign paper."