SpotEuro Forex Daily Outlook June 8, 2010

Without any economic data, the euro relaxed today as the dollar continued gaining ground against the commodity pairs while losing to the Yen. The stock market continued falling and we expect the same over the next few weeks with possible retracements along the way. We are now predicting the Yen will continue strengthening and we're looking forward to seeing 87.50 by July, if not sooner. The euro outlook remains mixed as we see possible intervention if price continues to fall too quickly; however, we see the 1.16 level as a potential bottom for now. This month's candle may play a crucial role in forming price action during the next 2 months.

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