EURUSD OUTLOOK FOR JUNE 2012

EURUSD’S fall from 2011 high of 1.4939 remains active and has reached the 1.2294 target sited in my February 2012 EURUSD OUTLOOK. Risk remains for futher downsdie 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, 1.2176, 1.2107, 1.2028, and 1.1995 as downside targets.