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FXstreet.com (San Francisco) - EUR/USD now trades at 1.2832 vs. 1.2822 after touching a fresh 4-month low of 1.2814 in the early Asia-Pacific, having pushed to these lows after Moody's downgraded several Italian banks, which weighted heavily on sentiment.

If the pair pushes higher in the sessions ahead, resistance lies at 1.2860, then at the 1.2900 mark. To the downside, support levels lie at 1.2810, 1.2760 and 1.2730.

The common currency has been under selling pressure since the weekly opening, now recording a 0.7% loss on the week as the European crisis seems to deepen by the day. The latest on the Greece front is that Greek parties failed to reach an agreement on government after several talks, which are scheduled to continue tomorrow.

Technically speaking, "The steady decline in the Euro seems bottomless right now, with the hourly chart showing a strong bearish tone as indicators accelerate lower in oversold levels, and 20 SMA bearish slope remains intact," observes Valeria Bednarik, Chief Analyst at FXstreet.com. Steady losses below the 1.2760 area should expose yearly low set early January at 1.2623, she says.

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