EURUSD OUTLOOK FOR THE WEEK OF JUNE 20-24, 2011

EURUSD’S broad outlook continues to witness narrowing range with lower highs 1.4939 and 1.4695 and recent higher lows 1.3969 and 1.4072 as eventually one side will overwhelm the other for either an upside or downside break.  As to the upside look for a daily open and higher close above 1.4549 to favor further rise targeting 1.4695 and 1.4842, while to the downside, look for a daily open and lower close below 1.4141 to favor further downside initially targeting 1.3969 and 1.3797.   As to the near term outlook, the fall from the June 16th high of 1.4695 remains active as only a 1 hour open and higher close above 1.4310 will complete the fall at 1.4072 with prices then likely to rise further towards 1.4384 and 1.4457.