The EUR/USD fell hard, and bonced as word got out that the Greeks and the IMF/EU may have reached some kind of agreement on a 5 year austerity measure. THis propelled the EUR/USD rapidly higher towards the later hours of the session. This pair is dangerous at the time.
EUR/CHF fell hard because of the words of Mr. Trichet referring to all of the "red lights' that are currently flashing in the EU from a financial side. The pair also bounced as word got out about the agreement in the EU as well in this pair. However, this down trend is something we still like selling the rallies in.
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