EURUSD OUTLOOK FOR AUGUST 2012

EURUSD’S broad outlook remains as my next target of 1.2028 was essentially achieved with last months 1.2041 low as risk for further downside continues with the 2010 low of  1.1876 as the next objective followed by  1.1530 and 1.0705.  ONLY a monthly open above 1.3500 and higher close will eliminate the downside risk and turn my broad outlook to neutral.  As to the medium term outlook, the fall from the May 2012 high of 1.3282 remains active as ONLY a daily open and higher close above 1.2515 will complete the fall from 1.3282 while the 2012 low of 1.2041 holds. For the month ahead, look offers within the 1.2515-1.2662 to limit any upside attempts with downside targets of 1.1946, 1.1887, and 1.1793.