FXstreet.com (Córdoba) - The recovery of the euro against the dollar seen last Friday proved to be short-lived as the hegemonic currency began the week with a negative tone, losing the 1.2200 mark, as concerns about the extent of private sector involvement in Spanish aid weighed down.

EUR/USD however has managed to hold above the 1.2180 support zone, less than 30 pips above its 2-year low of 1.2162 scored last week. At time of writing, the pair is trading at the 1.2190/95 zone, down 0.6% on the day.

"The pair consolidates below 1.2210 immediate resistance area, and the downside is favored as long as below that level: a break lower should lead to a quick test of key 1.2140 support level, and only below this last a stronger slide should be expected, towards 1.2100 first, and 1.2060 later", said Valeria Bednarik, chief analyst at FXstreet.com. "Above 1.2210, the recovery may approach 1.2250/60 area today, yet sellers should be aligned near daily high".