Commodity Prices

Gold •462 days	2,368.70	+35.30	+1.51%
Platinum •15 mins	1,697.10	-3.70	-0.22%
WTI Crude •11 mins	62.61	+0.06	+0.10%
Gasoline •11 mins	1.914	+0.004	+0.23%
Ethanol •462 days	2.161	+0.000	+0.00%
Silver •462 days	30.82	+1.16	+3.92%

Silver • 462 days	30.82	+1.16	+3.92%
Copper • 462 days	4.530	+0.111	+2.51%
Brent Crude • 11 mins	66.33	+0.08	+0.12%
Natural Gas • 11 mins	3.326	-0.007	-0.21%
Heating Oil • 11 mins	2.300	+0.009	+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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