Here's a current daily chart of the CME Euro Futures 6E contract:

Click on image to enlarge!

The “zig-zag” from the prior swing high in a major target zone fulfills the parameters for a Gartley support pattern. On February 9th, price failed at the .618 resistance retracement from the major high to the intervening low on February 7th. This told us to check for downside targets, 1.272 and 1.618 ratios of the February 7th low to the February 9th high. Indeed this held the 1.272 target extension at 1.3438 on February 14th.

If the Euro can continue to rally, the main resistance which will need to be overcome is 1.3661. That’s the 100 percent price projection of the February 7th low to the February 9th high, projected from the February 14th low. If this is to break the rhythm of a potential downtrend, we’ll need to see a close above that point. That close would put this on a path for the indicated target at 1.3974. There’s additional strong resistance just under that point, the .786 ratio from much larger swings at 1.3955. We’ll need to consider this as part of the target zone.

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