After reading through several of the major commentary today, it seems that a lot of the brokers don’t see the overal Euro thing as resolved.  They see the Greece thing as having solved liquidity but not solvency (in the words of Merrill Lynch).  This should put a damper on EURO appreciation in my opinion.  At the same time the talk of a Yuan revaluation is stronger.  If this happens the USD will suffer against Asian currencies.  This could have some impact on its relationship to the Euro as well.

ML said something in their report that bears repeating.  Keep in mind that the recent loan to Greece merely puts right back where we thought we were back in March.  Think about that and don’t overplay the whole Greece-is-resolved deal.

Personally I think the EURUSD has some unresolved levels around 1.3200 that it needs to take care of before considering it to be free to go long.  Bottom line, welcome to volatility.  Welcome to Forex.