Commodity Prices

Gold •649 days	2,368.70	+35.30	+1.51%
Platinum •10 mins	2,079.40	+1.40	+0.07%
WTI Crude •11 mins	95.93	-3.15	-3.18%
Gasoline •11 mins	3.074	-0.042	-1.34%
Ethanol •649 days	2.161	+0.000	+0.00%
Silver •649 days	30.82	+1.16	+3.92%

Silver • 649 days	30.82	+1.16	+3.92%
Copper • 649 days	4.530	+0.111	+2.51%
Brent Crude • 11 mins	97.91	-1.45	-1.46%
Natural Gas • 11 mins	2.596	-0.031	-1.18%
Heating Oil • 11 mins	3.788	-0.046	-1.20%

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EUR/USD - Unimpressive Bounce Thus Far

By - Aug 01, 2014, 6:00 AM CDT

EUR/USD is in an underlying downtrend. However, the last two days have displayed large lower shadows, indicating potential short-term exhaustion in selling pressures near the hourly support at 1.3367. A break of the initial resistance at 1.3415 is needed to suggest a pickup in buying interest. Hourly resistances can be found at 1.3444 (28/07/2014 high) and 1.3485 (24/07/2014 high).

In the longer term, EUR/USD is in a succession of lower highs and lower lows since May 2014. The downside risk implied by the double-top formation (1.3379) has been met. However, another downside risk is given by 1.3210 (second leg lower after the rebound from 1.3503 to 1.3700). A strong support stands at 1.3296 (07/11/2013 low). A key resistance lies at 1.3549 (21/07/2014 high).

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