Commodity Prices

Gold •508 days	2,368.70	+35.30	+1.51%
Platinum •15 mins	1,530.60	+6.40	+0.42%
WTI Crude •11 mins	57.69	-0.37	-0.64%
Gasoline •15 mins	1.873	-0.011	-0.58%
Ethanol •508 days	2.161	+0.000	+0.00%
Silver •508 days	30.82	+1.16	+3.92%

Silver • 508 days	30.82	+1.16	+3.92%
Copper • 508 days	4.530	+0.111	+2.51%
Brent Crude • 11 mins	62.18	-0.38	-0.61%
Natural Gas • 11 mins	4.475	-0.105	-2.29%
Heating Oil • 12 mins	2.431	-0.025	-1.03%

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EUR/USD: Break of the Hourly Support at 1.2891 Favours Further Weakness

By - Sep 26, 2012, 5:00 AM CDT

EUR/USD broke its hourly support at 1.2891 (24/09/2012 low) yesterday. A further corrective phase is favoured and should lead to a test of the support at 1.2755 (11/09/2012 low, see also 38.2% retracement from previous rise) in the short-term. Hourly resistance is at 1.2971.

The lack of a base formation or sell-off suggests that the recent Euro strength is a rebound within an underlying downtrend. The current weakness near the 38.2% retracement of the decline from May 2011 to July 2012 suggests limited short-term upside potential and the start of a new down phase.

Daily Technical Report