Commodity Prices

Gold •441 days	2,368.70	+35.30	+1.51%
Platinum •10 mins	1,372.60	-4.00	-0.29%
WTI Crude •12 mins	63.74	-0.31	-0.48%
Gasoline •15 mins	2.019	-0.010	-0.50%
Ethanol •441 days	2.161	+0.000	+0.00%
Silver •441 days	30.82	+1.16	+3.92%

Silver • 441 days	30.82	+1.16	+3.92%
Copper • 441 days	4.530	+0.111	+2.51%
Brent Crude • 11 mins	67.68	-0.27	-0.40%
Natural Gas • 11 mins	3.082	-0.018	-0.58%
Heating Oil • 22 mins	2.345	-0.010	-0.41%

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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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