EURUSD Potential Rally?

It looks like there could be the possibility of a rally for the EUR. If that is the case, I will wait for a clear signal to buy if it dips back down to 1.05300. I will make an assumption that it will rally up to 1.07200. I might take a counter trend trade at that point.

However, if it breaks the 1.07200 mark, then the next logical resistance line is around 1.08700. Thus far, at this moment, the trend is still down, however, my bias is somewhat fragile as there seems to be good momentum toward the upside. This is my humble assessment thus far.

Comment:

EUR has indeed reached 1.05300 now (green circle). I will not get in today for obvious reasons. I'm going to wait till Monday to see if it tests the support line and any indications of a rally or a break toward the down side.

That being said, I feel that there is good probability of upward movement and I am biased toward that. Happy weekend all.

Trade active:

Long at 1.05300
S/L at 1.05020
Let's see if it heads up.

Comment:

Closed 1/2 my position at 1.05791 (+48 pips)

Trade closed manually:

Closed last position at 1.05692 (+38.7 pips)
Market is quiet, no clear strong trends at the moment. Happy to take profits and sit back and see what happens.

Comment:

Market has indeed moved up during the asian session. It is now trading at around 1.06, congrats if you stayed in.

Not so coincidentally, EUR has now hit the 50% Fib retrace mark and looks like is forming a double top. However, I consider this a local S/R Fib confluence and it has the potential to move in any direction. Nonetheless, this will be a nice time to scale out or trail your stops. Good night for now.