Stocks are in retreat once again, flirting with 2002 lows as the financial sector resumes its implosion and general economic malaise overhangs the market. EUR/USD is holding above its lows with central bank bids this morning dissuading sales to an extent. It trades at 1.2504.

1.2470 is intraday support for EUR/USD. 1.2450 and 1.2380 are interim supports ahead of the key 1.2330 level. 1.2330 is a double bottom and is just above 1.2300 where very large barrier options are placed.

117.60 is the near-term support for the cross, put in place a week ago. 113.60 is the trend low, a target if 117.60 gives way.