It seems like nothing can help stop the EUR from falling. Not even the bail out package for Greece. EUR/USD simply continues to fall under the influence of gravity.
EUR/USD closed the week at 1.2380, after falling from above 1.30 regions. The EUR is not the only pair that was falling, the GBP/USD was also falling. The USD/JPY was still indecisive to which direction it wants to go.
USD/JPY formed a star for the week, ending with a short rally up to 92.32, after hitting the week's low of 91.79.
EUR/USD: I would still favour to short this pair. Possible entry @ 1.2600 regions or 1.2450 regions. EUR could test 1.2329 and if this is broken, then we could see EUR go below 1.20.
USD/JPY: Probably continue to consolidate. However, I would try to go short if it retraces up to 92.50-93.00 regions. I feel this pair will fall to 90.80 regions before moving up. 93.00 should provide some resistance.
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