EURUSD OUTLOOK FOR THE WEEK OF MAY 30-JUNE 3, 2011

EURUSD’s rise from the 2011 low 1.2873 is complete at  1.4939 as daily prices opened and closed below 1.4150, thus completing the rise from 1.2873 at 1.4939.   As to the fall from 1.4939 look for a daily close above 1.4339 to complete the fall from 1.4939 at last weeks 1.3969 low.   For the week ahead, look for EURUSD to move within the 1.4339-1.4568 zone as once prices have moved within the mentioned zone,  a sustained break outside this zone will favor further price extension in the direction of the break.    A downside break targets 1.4228, 1.4167, 1.3968, 1.3770, 1.3709 while an upside break of 1.4568 targets  1.4678, 1.4897, 1.5116, 1.5252 and 1.5362.