During the session on Tuesday, we can anticipate German Flash Manufacturing PMI and US Core Durable Goods numbers coming out during the day. With this, we would normally anticipate the EUR/USD pair and US stock markets to come into focus, but there is a lot of noise coming out of Greece right now so with that in mind we think that the reaction to the announcements might be a little bit muted as compared to usual.

While the GBP/USD pair struggle at the 1.59 level, and could not pick up enough momentum to continue going higher, the truth of the matter is that it also fell to the 1.58 level and found support there. The simple fact that the currency pair is comfortable in the area it currently trades and tells us that the breakout was real, and that the buyers are still in control. Anytime a currency pair can break out and simply stay at that level is a very positive sign. We are buyers of calls as long as we can stay above the 1.57 level.

Gold markets fell rather hard during the session on Monday, breaking well below the $1200 level and slamming into the 1180 handle. With that, it looks like we are going to test the support area yet again, and as a result we are looking for some type of bounce. If we start bouncing from this general vicinity and all the way down to the 1170 handle, we would be buyers of calls for short-term trading opportunities. It is the summertime, so do not expect any sustained moves.

The DAX rose rather strongly during the session on Monday, crashing into the €11,450 level. If we can get above the €11,500 level, we would be buyers of calls as the market will break out much higher. On the other hand, if we pullback we would consider buying calls on supportive inbound seen action, but the easiest trade without a doubt is buying calls above the aforementioned €11,500 region.

The EUR/USD pair is trading above the rising trend-line. Near-term support is the rising trend-line at 1.1230-1.1200 area, with a break below that we favour of buying put options. In case of a reversal above the 76.4% Fib at 1.1300 exposing the resistance level at 1.1400, we could be buyers of calls.

The US Dollar is in digestion mode above the 122.00 figure against the Japanese Yen after turning downwards. Near-term support is at 122.50-122.00 area, with a break below that we favour buying put options. A move above the 38.2% Fib at 123.74 opens the way for a challenge of the resistance level at 124.40. In this case we could be buyers of call options.