Like last week, the EUR/USD started with a gap to the downside as we can see in the 4H chart. Last week, a sharp rally not only covered the gap but pushed price above the consolidation range that ended the previous week. At that point, the EUR/USD provided a bullish outlook. However, there were missing pieces in the 4H chart. 1) Price action failed to clear the cluster of 200-, 100-, and 50-period simple moving averages.2) The RSI held below 60 after tagging 20.3) Then, after price retreated we had another volatile candle, which created a key range at that point. Eventually price would slide below that range, signaling the failure of a V-shape bullish reversal. More talk of a Greek Exit continues to put a drag on the euro.EUR/USD 4H Chart 7/7 (click to enlarge)The start to this week gives us another bearish clue. Price gapped lower, then closed the gap. After that price held under 1.1100 and continued lower. It is now pushing into new lows on the month and looks poised to test the May-low at 1.0818 see in the daily chart. In the daily chart, we can also see that despite consolidating since March, there is still bearish bias based on the fact that price is still under the 200-day SMA. Although the RSI tagged 70 to show bullish momentum, it is now falling below 40, which show the loss of that bullish momentum.Since the trend was bearish heading into March, there is downside risk below 1.0818 as well. The 1.0520 April-low and the 1.0462 low on the year are both in sight. EUR/USD Daily Chart 7/7 (click to enlarge)