What have you done to my euro?

I leave you lot alone for a week and you trample the single currency, send Spanish yields to their highest in the euro-era and shred my Spanish stock portfolio?

EUR/USD essentially closed the opening gap in Asia, trading as high 1.2139, leaving a tiny 5 pip gap left to be closed. Good enough, for most.

1.2132 will become an important medium-term level, especially toward the close of the week. That’s the 50% retracement of the lifetime EUR/USD range of 0.8225/1.6038. A close below sets the stage for continued pressure.