FXstreet.com (Barcelona) - Pressure on Spain has intensified after the 2 notch downgrade by S&P to one notch above junk at BBB-. "The debt downgrade may on the margin increase the pressure on the Spanish government to request a formal bailout" notes Mitul Kotecha, Founder at Econometer. Against this background, Mituk expects "the EUR to continue to drift lower, with the currency set to test support just under the 1.2800 level." The Analyst preference is to play EUR/AUD short.