On February 17th, I wrote an article detailing a specific Fibonacci price support pattern on the 6E CME Euro futures contract. This morning we hit the target related to that pattern as shown below:

Click on image to enlarge!

The initial target was 1.3974 on the March contract. As of this writing, the high is 1.3975. Of particular importance here is the major resistance immediately below this target, the .786 level at 1.3955. We’ll need to see price close above this level in order to call additional upside targets into play. The combination of these levels so close together puts us on the alert for a potential pullback. We’ll monitor shorter term support on the intraday charts in order to determine whether a downside move is indeed a simple pullback, or the start of a stronger decline from this area. If the current high holds, the closest key support is at 1.3862 – 1.3864. The pattern is still firmly to upside as long as we hold above that point on our intraday charts. If attempting a short off these highs, keep that in mind too!

Click on image to enlarge!

For more from Mark including his “Chart of the Day”, visit MJBraun.net.