The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.
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.