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Forex pairs in this Article » EUR/USD (Barcelona) - The EURUSD took several plunges throughout the Asian session, pulling from its high of 1.3235 all the way to 1.3185 low, already below the 1.3200 mark.

A raft of US tax hikes and spending cuts are still due to take effect automatically at midnight on Dec. 31st despite Democrat and Republican leaders' attempts to avert the fiscal cliff. The Senate will meet again at 16:00 GMT today and a full vote may happen in case a settlement is reached, but the House of Representatives may still reject it. "We still look for US politicians to eventually strike a compromise to avoid the full force of the cliff, but the shape of any final agreement may not be known for several more days", wrote UBS analyst Gareth Berry.

"While support at 1.3143 holds, the risk is for resumption of strength", added the UBS analyst, pointing to resistance at 1.3308 ahead of 1.3386.
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