EUR/USD has triggered stops below the 1.2880 level, an area where central banks were buyers earlier in the session.
Prices have slipped to 1.2850 after the stops near 1.2870/75 were executed. Equity markets continue to slide (-5.0%) and bonds continue to see an enormous flight to quality 2.84% yield from above 3% yesterday) after the Geithner plan turned out to be little but hot air.
1.2811 is the next area of support for EUR/USD.More stops are eyed below the 1.2800 level. Should EUR/USD snowball to the downside, a 1.2700 barrier which expires this Friday comes into play.
