Eurozone finance minister and Greece made a deal on Friday night giving Greece 4-month extension that should keep Greece afloat and safely in the euro while it works out a long term plan for economic recovery.
Greece must still come up with a list of reforms acceptable to its creditors, including the International Monetary Fund and the European Central Bank, by Monday for bailout to be extended beyond the end of the month.
"If our list of reforms is not backed by the institutions this agreement is dead and buried," Greek finance minister Yanis Varoufakis told reporters. "But it is not going to be knocked down by the institutions," he said, adding the Greek government would work night and day between now and Monday to make sure that did not happen. Without an extension of international support, Greece risked a run on its banks and would have had trouble paying its bills.
This should push euro up at the market opening on Monday. Euro closed the week around 1.1380 level. Pair is likely to find support around 1.1330 and resistance above 1.1450 level.