EUR/GBP is trading right at the June 2010 low of 0.8067 after falling below the level earlier.

Citi is out with a note saying a close below 80.68 would suggest extended losses, noting that the next major support isn’t until the Oct 2008 lows.

Separately, Bank of America-Merrill Lynch is out with a note saying a breakdown in EUR/USD isn’t confirmed unless 1.3000 breaks on a closing basis. They see 1.26 as the target if it does.

I can’t see any reason to argue with either analysis but add that both events would confirm the negative broad bias in the euro.