EUR/USD (a 4-hour chart)
The present market is based on the actions of two central banks: the Fed and the ECB, the first of which is about to begin folding its program, and the second is waiting for the elections in the Republic of Germany and then can begin its own QE.
There are signs that European countries show improvement, at least there are some signs of a slowdown in the economy sliding into the abyss. If these symptoms develop into growth, then we can say that the economic crisis is coming to an end.
Europe coped with its debt problems. The most painful part of the system was the banking industry. Some European banks are still falling, and many of them could not find the proper application of funds received with the help of long-term loans from the ECB.
Still U.S. banks show unprecedented success. If not excellent but good earnings reports say about the recovery of the banking system in the states.
But most analysts believe that the European region is still far behind the recovery than the United States.
The U.S. trade deficit narrowed sharply in June to the lowest level in 3.5 years, assuming revision in the second quarter upwards.