Greece and its creditors have called an emergency meeting for Monday amid ongoing failure to reach a cash-for-reforms deal. Without additional assistance, a Greek default or departure from the euro zone become much more realistic.
Trader Tim Seymour will watch currency fluctuations for a potential move.
"Playing from the currency side, I think, is an interesting way to do it," he said Friday.
He looked to the ProShares UltraShort Euro for a trade on a brief downward move in the euro against the dollar.
Trader Guy Adami believes stocks in Germany could make a strong way to play European headlines. If Deutsche Bank sells off at all next week, it looks appealing on the downside, he noted. If it moves higher, investors should "stick with it," he said.
For traders Steve Grasso and Dan Nathan, focusing on the U.S. looks like the best strategy. Grasso noted that the Federal Reserve's dovish outlook after its policy meeting this week will put "a lid" on interest rates.
He sees the Utilities Select Sector SPDR Fund going higher, as the sector often flourishes in low rate environments.
Nathan believes the SPDR S&P 500 ETF Trust has upside moving forward.
Tim Seymour is long AAPL, T, BAC, C, DIS, F, GE, GM, GOOGL, INTC, JCP and SUNE. Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX and YHOO.
Dan is long CAT July/August put spread, SPY June put fly, TWTR, SO, INTC July put, LVS July Aug put spread, TWTR SEPT call spread and JPM July put spreads. He is short SO Aug call. Today, he bought JPM July put spreads.
Steve Grasso is long AAPL, BAC, DD, DECK, EVGN, MJNA, PFE, T, TWTR and GDX. His firm is long TWTR. His kids own EFG, EFA, EWJ, IJR and SPY.
Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.