EUR/USD - 1.2317 Daily Market Outlook - Jun 22

 @ibtimes on June 22 2010 2:56 AM

Although the single currency rallied to 1.2490 yesterday, subsequent retreat suggests the corrective upmove from 4-year low of 1.1876 has formed a temporary top there and consolidation with downside bias wud be seen and weakness towards 1.2242 sup is likely, however, oversold condition should prevent steep fall below there and reckon 1.2168 supprt would remain intact.    On the upside, a breach of 1.2400 would signal pullback is over instead and yield possible resumption of aforesaid erratic rise to 1.2490 n then towards measured upside objective at 1.2570.

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