EUR/USD UPDATE – 23/1/15 – 12:10:10

EUR/USD falls below $1.12 for the first time since November 2003, making new lows and this 1.1210 area is the 61.8% retracement of the entire 2000/08 rise, but finally finds some bids in front of 1.1100. A break here seen as significant and a close below rather bearish. In fact what we are seeing is generalised US dollar strength and that the Euro has devalued by about the same as the Australian, Canadian, New Zealand dollars – and even the Yen.