While commentary from Greek officials remains optimistic with officials suggesting a deal will be reached in coming days, Christine Lagarde was reported as saying a deal is very unlikely in coming days and a Greek exit from the euro is a possibility.
Surprisingly, though, EUR/USD had a bit of a relief rally and edged towards $1.1000. Given the fundamentals haven’t really changed, I suspect this is a great selling opportunity.
Traders can consider selling the pair on a retest of $1.1000 but will need wide enough stops to ride short-term volatility. I feel stops above $1.1150 will suffice, with initial targets to around $1.0800.
On the economic calendar today we have money aggregates data from Europe and preliminary GDP from the US.