The euro fell sharply as traders in the US came into the market to sell the currency in the wake of the French rejection of the draft EU constitution yesterday. Over the past hour, the euro slipped under the key 1.25 usd level to a low of 1.2469 usd before steadying at 1.2483 usd around noon GMT. "There are a few more US traders than you would normally expect. They seem to be simply executing orders to sell if the French vote proved to be a 'no',"said Paul Bednarczyk at 4CAST. London too there is a bit more trading than is usual on a public holiday, he added. Both the UK and the US are observing public holidays but thanks to electronic trading, orders can be put through. The selling from the US may have also sparked off a response from elsewhere. As things stand, there are a lot of sell orders bunched up at levels around 1.2470 usd. If the euro drops below 1.2460 usd or so, it may then fall a lot further, Bednarczyk said.