Forex: EUR/USD, attempting to extend decline below 1.2735 (Barcelona) - The Euro has been hammered on Tuesday as renewed concerns over sovereign debt have increased the demand for safety, and the pair has lost more than 140 pips, extending the decline from 1.2920 high on Monday to 1.2720 session low so far.

The pair could bounce up from current oversold levels, according to Valeria Bednarik, technical analyst at, although below 1.2780 bearish pressure will prevail : " hourly chart shows indicators in oversold territory. Still pair needs to regain the Fibonacci level around 1.2780, to suggest further upside movements today; with risk aversion high on falling stocks, seems quite unlikely."

Below 1.2735, Bednarik points out to 1.2700 and 1.2660 support levels. On the upside, resistance levels are 1.2780, 1.2810 and 1.2845.

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