EURUSD OUTLOOK FOR JULY 2012

EURUSD OUTLOOK FOR JULY 2012   No change in my outlook, EURUSD’S broad outlook from the 2011 high of 1.4939 remains active and has reached the 1.2294 target sited in my February 2012 EURUSD OUTLOOK. Risk remains for further downside extension targeting 1.2028, 1.1876,1.1530 and 1.0705 in the weeks ahead. 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 1.2667 will complete the fall from 1.3282 at 1.2287. For the month ahead, look for the 1.2667-1.2785 zone to limit any upside attempts with 1.2287, 1.2179, 1.2121, 1.2058 and 1.2004 as downside targets.