Westpac - "Our base case for a decline in both AUD/USD and EUR/USD into year end implies most EUR/AUD trade is contained within a muted 1.22-1.25 range. In early 2013 however, the prospects are increasingly negative for EUR/AUD as the end of the RBA easing cycle looms while the Eurozone recession drags on and Greece and Spain continue to weigh. This should see EUR/AUD back to 1.19 or lower."