Main market theme: Greek "tragedy"

Trading session started cautiously this week, but risk-appetite returned as Greek parliament is expected to be in favor of the austerity package. Voting will be later this week, but as usual markets will buy the rumor and sell the news. In general i expect a positive start this week. In terms of macroeconomic data this week is pretty thin. Only major event is Fridays' ISM form the US.

EUR/USD 4h

Unfortunately, currently EUR/USD is trading sideways. Even if i strongly expect Greece will be "saved" (again) current short-term movement does not suggest a long position. Also the range seems to be in the form of a triangle which is a continuation pattern, suggesting 1.4 is more likely than 1.48. First 2-3 days of the week will be positive though.

Trade : look for longs below 1.42, especially in the Asian session.

GBP/USD 1d

This pair has a major medium-term influence: The very important support at 1.6.  Current trend is down and most probably will break through 1.6 but not without a see-saw motion. Expect a medium term rise to 1.61-1.62 before resuming down-trend.

Trade : hold for now, short above 1.61

Radu Ciofu, PBF.eu