Base forming.....

Good morning folks.... Rory McIlroy from Northern Ireland won the 94th PGA Championship by a record 8 strokes to take home the Wanamaker Cup!! Tiger only managed 10th place with his usual lack lustre weekend play. Opportune time for Titleist to announce the arrival of the latest 913 drivers :)

Last Friday, E$ really tested my resolve as it spent most of the time probing the downside to 1.2241 but the rebound finally came fast and furious as E$ bears scrambled to cover their short positions as E$ popped to a high of 1.2317 before easing to current levels. On the data front, it will be light today with focus on German ZEW tomorrow.

I have no updates on the stop loss orders as of now.

Technically, longer term intraday indicator is starting to turn up from its o/s levels with signs of mild bullish divergence. Momentum is starting to turn from down to consolidation with an upside bias. These signals suggest a bottom has been formed and has increased the probability of further recovery in E$ today.
For today, R/R favours buying on dips. 1.2240/60 to hold with stronger support at 1.2190/2200. Resistance at 1.2380/90 with stronger at 1.2440/50 for now.

E$ 2hourly chart

All the best and have a great week ahead. Blog update will be delayed tomorrow as I have an early morning tee-off with my buddies.