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Euro Testing Key Daily Support |
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By Mark Braun
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June 16, 2011
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Last week I wrote about the key daily resistance on the CME Euro Futures, 6E contract. Now that we've rolled to September as the front month, let's have another look at the daily chart:
 Click on image to enlarge!
You can see that we held the key daily resistance at 1.4672. Now the key support at 1.4081 is being tested. If this level holds without a close below it, holds within both .786 levels in opposition suggests that consolidation will be settling in for awhile. If instead we see a close below this support, the downside targets represent a Gartley support pattern since the initial failure to break resistance occurred between .618 and .786 resistance retracement levels. At the very least we can look forward to that initial downside target at 1.3727 should we see a close below this current support.
For more from Mark including his “Chart of the Day”, visit MJBraun.net. |
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