For the Week of June 13-17, 2011

EURUSD’s fall from 2011 high of  1.4939 is complete at the May 23 low of 1.3969, as prices need to sustain above 1.4710 to confirm further rise is once again underway targeting 1.4939 and beyond.  As to the rise from 1.3969,  prices have reached a high of 1.4696 as a daily open and lower close below 1.4417 will complete the rise from 1.3969 at 1.4696.  For the week ahead, look for further upside risk targeting 1.4710 while 1.4322  supports.  A daily close below 1.4322 will turn the near term outlook to neutral with a slight downside bias.