FULL INSIDE STORY! The obscure object of BARACK OBAMA’s wandering eyes tells ALL to The ENQUIRER.  Plus: MICHELLE’s unbridled rage over photo outrage.

In a heartless slap in the face to wife Michelle, President Obama has been photographed looking down the top of a young woman’s dress – and shocked onlookers are calling him “a perv.”

Exclusive photos obtained by The National ENQUIRER show the commander-in-peep leering at the 23-year-old recent college graduate – who’s young enough to be his daughter – while embracing her in a hug after she introduced him July 9 at a Denver, Colo., speaking event.

“What a perv!” an outraged eyewitness told The ENQUIRER.

“You can see he was trying to check out her boobs. The poor girl probably had no idea he was perving on her.

“It was too close for comfort. The LAST person in the world you’d expect to do that would be the President of the United States!”

The ENQUIRER has identified the “victim” of Obama’s latest lustful indiscretion as Alex Dooley, a 2012 graduate of the University of Arkansas, now working in Denver at a furniture upholstery business.

Reports said Alex had written to the President, thanking him for talking about raising the minimum wage.

The White House then invited her, along with a group of other young people, to attend an informal dinner with Obama when he visited Denver – a trip First Lady Michelle Obama skipped.

What’s more, pretty Alex was also selected to introduce the President at an event highlighting his visit, an invitation-only speech at Denver’s Cheesman Park.

Contacted by The ENQUIRER, Alex said of the dinner: “It was me and four others who wrote letters and we all met at a coffee shop with some people from the White House.

“We were so nervous that we were meeting the most important man in the country and possibly the world. It was so

“We shook his hand. He had a very calming air about him. He was very chill. We were all put at ease within 30 seconds of the conversation.

“At (dinner) we just talked about the issues we wrote about.”

When asked about introducing the President at the speech, Alex said: “My boyfriend got to come and shake the President’s hand. And he did get to sit with me during the speech. (The White House) was very gracious and accommodating.”

When informed that a photo had been snapped showing the President looking down her top, Alex did not respond.

Top New York City–based psychotherapist and body language expert Dr. Jamie Turndorf, author of “Kiss Your Fights Good-bye,” examined the photo for The ENQUIRER and said: “It looks like he’s been caught in the act!

“She’s a very attractive woman and he appears to be fascinated with her chest.

“In addition, he has her in a very warm embrace. He’s clearly infatuated, and the body language shows the embrace was tinged with sexual energy from him.”

Sources tell The ENQUIRER the lewd incident is sure to be “the final humiliation” for the First Lady, who’s fought bitterly with her horndog hubby over repeated acts of womanizing.

Confided a Washington, D.C., insider: “This will infuriate Michelle to no end – what he did was disgusting!”

Agreed a close source: “Barack’s seemingly endless flirting, groping and womanizing have wrecked their marriage.

“This incident could trigger Michelle to divorce him – even before he finishes his second term!”