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The single currency was at 84.92 pence, near to a seven-week low of 84.50 pence it struck on Friday when Paul Robson, strategist at Royal Bank of Scotland, noted sterling could be about to become the main focus point due to the UK and eurozone's relationship, Reuters reported.
What's more, the euro was lower at $1.3626 after making gains due to rumours an EU aid package may be provided for Ireland, while EU sources notified the news provider, speculating that Ireland may be about to ask for help for its banks.
Michael Hewson, market analyst at CMC Markets, said the single currency is being supported around 0.8450.
He added: "The next major support however can be found around the 0.8400 level which is 61.8 per cent retracement of the same move, as the single currency looks set to line up a re-test of the August lows at 0.8140."
Posted by Greg Secker
