EUR Trading Outlook (16-06-2011)

The Euro (EUR) the riots in Greece combined with news Moody&rsquo s placed three major French Banks for possible downgrade review. Support at 1.4400 broke quickly and the pair continued to plummet to fresh month lows under 1.4200. April Industrial Production rose 0.2% m/m as expected. Overall the EUR/USD traded with a low of 1.4155 and a high of 1.4439 before closing the day around 1.4190 in the New York session. Looking ahead, May CPI forecast at 2.6% vs. 2.6% previously m/m.

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