Based on Monday morning's brief bounce up on the EUR/USD, some of the news networks are already calling a new turn for the Euro (the very same networks which were talking parity just a week before). I'm not quite ready to be a bull just yet.

So where should we be looking for our next EUR/USD downside target?

According to Fibonacci projections, our next target is at 1.2574, and any up moves we might see today are merely a retracement to test the new weekly central pivot point at 1.2803 as resistance. If Greece gets a reprieve and 1.2803 fails to hold, then there might be an opportunity to trade back up to 1.2968