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Forex pairs in this Article » EUR/USD (Barcelona) - The bloc currency is intensifying its intraday decline from overnight tops above 1.3400, as risk aversion is creeping back to the markets.

In the opinion of M.Mohi-uddin, Director of FX Strategy at UBS suggests "Very near term, the firm start to 2013 for financial markets is keeping the euro supported in a 1.30-1.35 range. Next month, as investors start to focus on America's new fiscal cliff, such sentiment is likely to reverse. That will weaken the single currency again. But for now stronger global demand will benefit Eurozone exporters and better investor confidence should keep peripheral Eurozone bond market spreads capped".

At the moment, the pair is losing 0.17% at 1.3339 with the immediate support at 1.3249 (low Jan.11) ahead of 1.3192 (MA21d) and then 1.3175 (MA10d).
On the flip side, a break above 1.3487 (2012 high Feb.24) would aim towards 1.3491 (50% of 2011-2012 decline) and finally 1.3550 (high Dec.2 2011).
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