FXstreet.com (Barcelona) - The Euro is dropping fast on strong selling pressure after the negative opening of the European stock markets, most European markets post losses between 1.5% and 2.3% in the first hours of trading.

Risk aversion smashes the EUR/USD has dropped about 100 pips in about an hour breaking potential support levels at 1.2860 and 1.2830. At the moment EUR/USD is trying to bounce up from 1.2810, intra week low hit on Feb 10.

GBP/USD reached 1-week low at 1.4170, and the EUR/JPY hits one-weel low at 115.25. USD/JPY hardly affected.