Stops below 1.2240 saw EUR/USD fall as low as 1.2225. Support at 1.2221, the 10 day moving average is hold the line thus far. A break below that level will sour sentient further and up the pressure on the Eurogroup and ECB to act extremely forcefully in the days ahead or suffer a massive blow-out in European peripheral yields.
If the authorities fail to act with near-nuclear market weapons this weak to shore-up European sovereign debt markets the market will savage Spain and Italy and Emperor Draghi will be shown to have no clothes.