Greece, Spain and Austria have all been highlighted recently by ratings agencies for economic weakness, and the market is already closely watching other 'marginal' states such as Italy, Sweden and Ireland.
The Euro has tested and breached month lows several times in the last fortnight, and with the Dollar soaring on improved economic outlook, EUR/USD is really suffering.
The pair currently trades at 1.4387, 45 pips up from the open. The pair made a recovery from earlier losses moving to the upside. Resistance levels likely to test this reversal can be seen as 1.4420 and then 1.4460, as suggested by this technical report.