Is there less to this euro zone deal than meets the eye? Sure. There always is.
Analyst are poking holes in it left and right and even the best laid plan often fall short when it comes to implementation.
The trouble is, there was so much justifiable skepticism built into the market that it may take quite some time (and pain) before bearish bets payoff.
The euro rallied sharply last week and again this ahead of the summit and many were happy to sell into that strength. Lots of those shorts have been covered now and traders will be reluctant to get burned on the short-side again.
A far better bet would be to let the dust settle and for EUR/USD to form some sort of identifiable technical top before jumping back in on the short side of the market.
