The weaker than expected ZEW survey out of Germany followed by hawkish comments from the Fed"s McTeer had the EUR/USD slipping lower even before Fed Chairman Greenspan gave testimony. The market wasn"t expecting too much from Greenspan, as he wasn"t scheduled to speak about the state of the U.S. economy until Wednesday. Greenspan was a bit more revealing than the market expected him to be and his tone was upbeat. This combination sent the EUR/USD reeling below the year"s low of 1.1855, as the market"s focus has shifted entirely on regional economic and monetary policy outlooks. The U.S. economic recovery looks set to accelerate as the EZ recovery sputters. The market"s expectations for a northern summer U.S. rate hike are red hot and if Greenspan continues to remain upbeat/hawkish when he speaks later today the EUR/USD looks destined to test 1.1600 in the days ahead.