FX:EURUSD Euro Fx/U.S. Dollar
Implied (expected) volatility levels - both at the FX level and measured by the CBOE's own indicator - do not reflect properly the building pressure in the political/economic/financial situation surrounding Greece. Traders arbitrage price, but divergence from appropriate risk appreciation is just as influential.
I think the situation presents itself such that a 'good' outcome for Greece will generate modest gains for the Euro. Furthering its crisis could sink it fast and deep. I'm waiting for a clear fundamental cue though. This is not a technical play for me. http://www.dailyfx.com/forex/video/live_events/2015/06/18/Strategy-Video-Euro-and-European-Markets-Increasingly-Exposed-to-Greek-Risk.html%3FCMP%3DSFS-70160000000NbTmAAK