Commodity Prices

Gold •482 days	2,368.70	+35.30	+1.51%
Platinum •14 mins	1,579.20	-5.60	-0.35%
WTI Crude •11 mins	60.08	-0.07	-0.12%
Gasoline •27 mins	1.932	+0.007	+0.37%
Ethanol •482 days	2.161	+0.000	+0.00%
Silver •482 days	30.82	+1.16	+3.92%

Silver • 482 days	30.82	+1.16	+3.92%
Copper • 482 days	4.530	+0.111	+2.51%
Brent Crude • 11 mins	64.35	-0.05	-0.08%
Natural Gas • 12 mins	3.272	-0.073	-2.18%
Heating Oil • 55 mins	2.374	-0.013	-0.54%

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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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