Curiously EUR/USD has gone quiet ahead of the Greek PM announcement of activation of the EU/IMF aid package some time before 1100GMT. Given that we already know what he is going to say why not get on with it. This is the first time this week that the Euro shorts have had to sweat on their positions. We are now 130 points off the lows – sure the big long term players are not worried but the smaller player will be. Whilst we all knew that Greece would eventually activate the aid program, another squeeze above 1.34 would not surprise.