The decline of Euro follows the downward revisions of ECB’s forecasts.

The acceleration of profit taking was caused by the press conference of Mario Draghi when he stated that the decision of a new status quo was not unanimous and that the institution is now expecting a contraction of GDP in 2013.

In the aftermath, the German central bank lowered its forecast for the largest economy to 0.7% for 2012 against 1% before and only 0.4% for 2013 against 1.6% in the previous estimates, warning clearly that Germany could turn into recession.

Euro tumbles but remains solid, reinforced by a further decline in the U.S. unemployment rate at 7.7% in November, which temporarily hide the “fiscal cliff”.

Technically, the breakdown of 1.30 involves a return on the support situated at 1.287. This key level should contain a further decline in short-term and trigger speculative buy. A daily close below this level would involve a return to 1.2666.