While we're preparing to roll to September on the CME 6E Euro Futures contract, the volume remains in June for the moment. Here's a current daily chart:

Click on image to enlarge!

There is an outstanding target below the current daily swing low at 1.3923. While we came quite close to it, whenever there’s an initial target that remains open, it amplifies the strength of key Fibonacci levels in the other direction. The emphasis is on the .786 resistance retracement at 1.4719 since the outstanding target is to downside. While the potential “pull” of the downside target will be negated if we break that resistance level, it calls attention to the current highs as potentially pivotal too. In short, the 1.4719 level becomes the gatekeeper between current price and a new daily swing high. It’s an important area to watch for price failure, or at the very least a significant pullback as price “debates” whether to commit to a new daily swing high!

If you’d like to see how this chart was constructed, watch the video here.

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