Planning a 22th week

       Hello, I'm back from holiday on FX and ready to face markets with a fresh - mind.
    In these three weeks euro continued to fall against other majors - dollar and yen. In weekly chart we see, that EurUsd had broken its major support at 123.33 and week ended with 1.1965. For now I see two big scenarios: 1. EurUsd stop at level between 1.15 - 1.17 and the bulls return, forming a big flag (green lines). 2. EurUsd breaks through all supports it has and reaches level 1.00 (this may happen if problems of euro-zone countries will deepen).

    Let's take a look at daily chart. EurUsd started falling steeper than earlier (compare yellow channel with green channel). Also we see a formed descending triangle, which support at 1.21 on Friday was  broken. I expect price to retrace to 1.21, to check its new resistance and then continue towards 1.15.

     Like EurUsd, EurJpy also broken its major support at 112.00. So, the next meaningful support can be at level 100.00 and failure of piercing it can fuel a bigger correction. Otherwise euro may fall against yen to a level near 80.00.

      Zooming into daily chart we see that support at 109.00 is holding on. If EurJpy will follow movements of  EurUsd, this level will be not hard to break and the next stop can be 100.00 - 102.00 price levels. But a failure of this can cause a range market, which will move between 109.00 - 114.00.

       For now I don't see any possible reversals for both euro pairs.
     Main news for euro and dollar will be on second half of the week. So I expect at that time market to be more volatile.