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EUR/USD update (19th July 2012, 06:00)

Silver once again tracked EUR/USD down to a tee, printing $26.91 as EUR/USD hit a session low of 1.2217, before finding buyers as EUR/USD pushed back towards 1.23. 

Angela Merkel’s comments that were reported on her party website stated ‘we haven't yet shaped the European project in a way that we can be sure that everything will work’ seemingly the catalyst behind the sell-off.

However, as US equities rose due to better-than-expected earnings and the single currency found buyers. EUR/USD seems to be trading in a range of 1.2150 to 1.2350 in recent times and that is keeping silver nicely supported below $27, so in the short term we expect the 2008 uptrend to hold.


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EUR/USD update (19th July 2012, 06:00)

Silver once again tracked EUR/USD down to a tee, printing $26.91 as EUR/USD hit a session low of 1.2217, before finding buyers as EUR/USD pushed back towards 1.23. 

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