Reuters reports that S&P says it is considering a one or two notch downgrade in Greece’s credit ratings within a month.

The rating could be cut if public-sector support for reform decreases from current levels, the agency said.

S&P anticipates further pressure on the Greek banking sector and says EU aid would not put a floor under the rating.

A two-notch downgrade would make Greek debt ineligible for use as collateral at the ECB.

EUR/USD is finding buyers in the 1.3580 area at the moment, but I suspect once that buying is filled lower levels will beckon.