FxWirePro: Negotiation, bailout efforts going in vein to rescue Euro: buy EUR/JPY binary puts for targets at 133.80

Euro group offered a third bailout package which was confirmed in its yesterday's meeting on a conditional basis, "only and on the basis of the outcome of the referendum" on Sunday.

Greek Prime Minister Tsipras has sent a new proposal to negotiate as part of a request for a third bailout, indicating that he was prepared to accept the majority of spending cuts demanded by the country's creditors.

But the resultant effect seems to be disregarded in FX markets. The euro slipped lower against the major currencies on yesterday and it would be expected to be weaker but not a steep declines like yesterday, even as European equities were boosted by fresh hopes for a deal between Greece and its creditors.

EUR/USD was dropped to 1.1050 levels from 1.1145 on the day when Greece defaulted to IMF.

We believe it is worth speculating in ATM binary -0.49 delta puts for targets upto 133 and even surpassing 133.80 levels as we see no positive reasons (both fundamentally or technically) to cushion euro so far.