Is the euro’s dead-cat bounce near an end? There are hints of it in the Dollar Index’s hourly chart (see inset). Notice how yesterday’s fleeting upthrusts marginally exceeded October 1’s high, refreshing the bullish impulsiveness of the chart as we should expect if the uptrend is going to continue. Let’s use the 80.53 target of the pattern shown as a minimum objective. If it’s reached — or better yet exceeded — the case for a resumption of the long-term bull trend would strengthen, as would the implication that the euro is finally back on track for a fall to 1.08, my long-term bear-market target.
