FXstreet.com (Barcelona) - The lacklustre reaction of the EUR following the Greek deal this morning highlights that much of the good news were already priced in, says Mitul Kotecha, founder at econometer.

According to the analyst, "the threat of ECB Outright Monetary Transactions (OMT) activation continues to threaten to provide a major back stop to any EUR pressure, but at current levels, the upside for the EUR looks far less compelling."

Mr. Kotecha suggests "taking profits / fading the rally on any test of resistance around EUR/USD 1.3030 and EUR/GBP 0.8120."