Greek elections bring anti Euro & austerity government into power, the main party, Syriza, already having declared before the elections they would not respect national debt as it is. One of the consequences of a default would be expulsion from the Euro, yet today EUR/USD has remained above its open. My opinion, a Euro without Greece can only be stronger, and I think the market is taking the threat of default seriously, Greek bond yields up 0.51% and Greek stocks down 1.2%, whereas Spanish and Italian Bonds saw their Yields go down. Looks to me like the markets are not concerned of a Euro breakup like they were in the last Greek crisis.
Looking at the chart, I see the price range very far away from Ichmoku cloud, and an up close today may lead to a retracement to the first Fibonacci line at around 1.1685.
We can have a retracement because the price has close and now is above the gap down, maybe this will be only on short term because Wednesday we’ll have the FOMC Statement and the Federal Fund Rate. Is not likely but if the FED will announce the increasing the interest rate, then the EUR/USD pair will fall again.