We have seen 350 pips rally in EUR/USD last week and it was not that strong until the breakout above the 1.387 level, after the NFP data release on 4 March 2011. So we are expecting this rally to continue upto its next resistance of 1.4105. So we will be looking for buying opportunities as long as the pair holds above 1.3865 level. Also we may witness high volatility in other cross pairs.
As per our analysis we recommend you to place long orders in EUR/USD near 1.3985 for weekly target of 1.4055 and 1.4105 in extension. Also place protective stop loss near 1.3815 level.