The EUR/USD (NYSEARCA:FXE) is up and down in the last hour of trading, but things in the EU debt markets are not getting better. The Spanish yield on 10 year bonds has moved above the highest closing level since May 1997 (currently trading at 6.72%). The recent spike higher caught the attention of the EURUSD buyers and the price has moved back toward the NY lows. Nevertheless, the pair is still finding support buyers against 1.2477 which is bear flag support. Get through it, and look for further downside momentum.