FXstreet.com (Barcelona) - The single currency is trading well into the red territory, as bearishness has increased towards the last part of the NA session. Renewed euro zone debt spectres were hovering over global markets on Monday, weighting on investors’ mood and accelerating the correction lower.

Tuesday’s calendar offer a batch on services PMI results in the euro zone, although their capacity to weight on the euro price action would be close to nil. Italian inflation figures will follow ahead of EMU retail sales.

At the moment, the cross is down 0.99% at 1.3516 with the immediate support at 1.3483 (low Jan.30) ahead of 1.3482 (MA10d) and finally 1.3415 (low Jan.29).
On the flip side, a break above 1.3625 (hourly cloud base) would open the door to 1.3660 (hourly high Feb.4) en route to 1.3711 (high Feb.1).