On the daily euro/dollar chart, the pair has taken out important swing low support at $1.2624, the Jan. 13 low. That important swing low support is seen clearly on the weekly chart.
A confirmed weekly close below that level (if it occurs on Friday), will set a target firmly at the June 2010 low at $1.18.
Unless Germany becomes more flexible or Greece decides to continue walking the austerity path dictated by European finance officials, the bears will stay focused on a retest of the June 2010 low at $1.18.