The euro erased gains against the U.S. dollar on Monday, tumbling to a fresh 2-month low as investors overlooked a rescue package for Ireland amid fears that Spain and Portugal could be the next euro nations to request assistance.

EUR/USD hit 1.3165 during European morning trade, the pair’s lowest since September 21; the pair subsequently consolidated at 1.3161, shedding 0.59%.

The pair was likely to find support at 1.3057, the low of September 21 and resistance at 1.3420, the high of November 24.

Earlier in the day, German Finance Minister Wolfgang Schaeuble said that his country was hopeful that the EUR85 billion aid package agreed for Ireland would calm euro zone financial markets.