The euro has come under accelerated, across the board, selling pressure. The selling started right after I turned away to do my wrap, typical.

Sell stops have been tripped through 1.2915 and 1.2900 in quick succession adding fuel to the fire and we’ve been as low as 1.2883. I can’t find anything in the way of new news to explain away the heightened pressure, but Spain continuing to dither over a bailout application certainly isn’t helping. Indeed euro zone periphery government bond yields have been moving higher throughout the morning.

Important technical support now seen down at 1.2835/45 (1.2835 being the 200 dma and 1.2846 daily cloud top)