QUESTION: Marty, I believe you said if the Euro closes below 10365 for the year then everything would fall apart. If it closed above 105, then the decline can be more prolonged. What is the bullish level to reverse the downtrend?
BK
PS Great conference
ANSWER: Yes, your two numbers are correct. The upside has initial resistance in the 11300 level. However, much of the rally is closing out positions for year-end. The overhead resistance, both technical and system models, is scaled in throughout the 120-130 area. We have a chance to see a real surge into 2017 and conclude the dollar high. However, a prolonged rally would point to a dollar high in the 2020-2021 time zone. A closing on a weekly basis above 11098 will warn that a rally up to the 11380-11400 level is possible.
