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Week of June 20-25, 2010

EURUSD’s broad and medium term outlook remain unchanged while the rise from the June 7, 2010 low of 1.1876 continues to unfold reaching 1.2467,  as ONLY a 4 hour open and close below 1.2241 will complete the rise from 1.1876 while 1.2467 caps. As to the short term outlook, look for bids ahead of 1.2331 to support with 1.2484, 1.2579 and 1.2672 as the next upside targets. However, the broad and medium term outlook firmly remain to the downside with a daily close below 1.2106 suggesting the downside extension from the November 2009 high of 1.5143 is once again underway with a daily open and close below the 2010 low of 1.1876 targeting the November 2005 low of 1.1642 followed by 1.1435 and 1.1210.

  • Posted by adminfx
  • On June 20, 2010
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