EUR/USD has spent the entire US session consolidating European losses. The combination of a very unsettled situation regarding the Greek bailout and fears the ECB allowed loads of dodgy loans to Spain’s banks based on bum collateral continued to weigh on sentiment to the extent that key support at 1.2830 and 1.2800 gave way earlier today.
Look to fade rallies toward the 200-0day moving average looking for a 1.2500 target in the weeks to come.
The S&P is a few ticks in the green with an hour to go after trading a bit lower for much of the day. EUR/USD has firmed modestly as well.
