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EURUSD and GBPUSD Offer Immediate Trade Potential to Start the Week

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The mix of a Greek bond swap, a confirmed credit event and US NFPs, we would expect tremendous trade opportunity. Yet, that messy round of event risk was more a source of volatility than trend development. The real trading starts after the wave. Starting out the new trading week, we immediately find EURUSD and GBPUSD anchored to big technical support levels. That is perfect positioning as the market realizes the trouble of the past few weeks wasn't solved in with the second bailout and bond swap. On the market's other, primary fundamental driver - underlying risk appetite trends - the S&P 500 has crawled higher but is finding itself lacking for drive. Would a rebuff of QE3 from the Fed rouse the same wave of deleveraging that Bernanke's testimony carried just a few weeks ago? The answer to that question can provide excellent trade setups for AUDUSD, NZDUSD, GBPJPY and others.

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