EUR/USD was flat at $1.2778 at 9.40am (London time), as the G8 summit provided a glimmer of hope to the embattled currency.
Over the weekend the G8 indicated that they would take steps to address the region’s financial crisis, and also to stimulate flagging growth. The leaders also pushed for Greece to remain in the eurozone, though there were no concrete decisions taken and the focus now shifts towards Wednesday's EU summit.
The newly elected French president, Francois Hollande, has said that he will propose the idea of eurobonds at the upcoming summit.
Meanwhile, the output in the construction industry in the eurozone increased by 12.4% in March, compared to a drop of 7.1% in February.
From a technical perspective, the next support level for the currency pair is likely to come at $1.2674, with resistance levels at $1.2802 and $1.2864.