I used this headline on Friday and it remains appropriate. There is a big gap between 1.2330ish and 1.2470ish. It might get ugly on a break below 1.2450. EUR/USD has really struggled today caught up in a lot of cross related flows but also some disappointment that the break above 1.2620 on Friday could not be sustained. The headline that Spain is heading towards a general strike would not have helped sentiment.