In anticipation for the Greek issue's developments, the Euro/Dollar pair rallied this morning as traders printing a new high at 1.3007(Market Price) after surpassing yesterday's high at 1.2985. The pair opened the trading session with a bearish gap at 1.2877 after closing last week at 1.2929; however it quickly recovered the losses. The current rally is an extension of the relief rally that was trigger after bottoming at 1.2625 which was trigger by the series of encouraging data from auctions around the debt-laden euro countries in addition to the relative improvement the U.S. economy is showing.

The main headline for today is the Euro finance ministers meeting, the ministers are to discuss the terms they are willing to accept of debt restructuring as a part of a second bailout for Greece, alongside detailed negotiations of the ESM powers and the fiscal pact ahead of the EU Summit next weekend, in efforts to find the appropriate deal before the summit.

Technically speaking, the pair has breached the main descending channel that confined the price within the last couple of months, in addition to 1.2870 level, which is a neckline for a reversal triple bottom pattern, that breach extended the bullishness and may be the catalyst for further incline towards the next major stop resistance level near 1.3075. The trading range for today is expected among 1.3075 major resistance and 1.2875 major support levels.

Market participants is also anticipating the next FOMC meeting on Wednesday, it's expected that the committee will introduce new communication policies, traders are split on the possibilities that the fed will introduce another easing measures. In any case, the upbeat data from the U.S. is dominating the scene and that supported the latest rally we have seen in higher yielding assets.

The AUD/USD pair is clearing some important technical resistance levels to the upside, where it lately breached a giant symmetrical triangle formation, in addition to the 200-days SMA. The pair started the trading session at 1.0476 to bottom and print a daily low at 1.0458, where it found good support to resume the bullish bias currently trading at 1.0547.

First resistance is seen at 1.0560 followed by 1.0610 while to the downside 1.0500 and 1.0450 should limit intraday bearish pullbacks.

Since the economic calendar is clear today, eyes will be on the Greek developments and the ministers meeting, their comments will be very important for the overall market sentiment and any disappointment on Greece or the ESM in particular will be a major setback and might hit the current risk-on sentiment.