Commodity Prices

Gold •669 days	2,368.70	+35.30	+1.51%
Platinum •10 mins	2,019.50	+7.60	+0.38%
WTI Crude •11 mins	101.05	-0.89	-0.87%
Gasoline •11 mins	3.592	-0.003	-0.08%
Ethanol •669 days	2.161	+0.000	+0.00%
Silver •669 days	30.82	+1.16	+3.92%

Silver • 669 days	30.82	+1.16	+3.92%
Copper • 669 days	4.530	+0.111	+2.51%
Brent Crude • 11 mins	107.43	-0.74	-0.68%
Natural Gas • 11 mins	2.800	+0.020	+0.72%
Heating Oil • 12 mins	3.931	-0.016	-0.40%

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EUR/USD: Break Over 83.542 Signals Stronger Long-term Rise for USD

By - Jul 12, 2012, 7:32 AM CDT

EUR/USD has broken under the range of yesterday towards the short-term target at 1.2150. Should this level be met, a degree of support would be anticipated. However, this would be expected to be short-term in nature, with scope then for a substantial extension lower, provided a material break over 1.2400 cannot be achieved.

Trade in the US Dollar Index has also broken over the key high at 83.542. In a similar manner to EUR/USD, we see scope for a minor pullback from close to the current region. However, we note that yesterday's breach of the key level at 83.542 now warns of a much stronger long-term rise.

Longer-term charts in EUR/USD exhibit a mutli-month falling channel. Combined with negative daily structure, scope is seen for an eventual fall to the 1.0800 region.

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