EURUSD has started to consolidate as there is uncertainty in both region United states and European region. Taking a look at technical charts we see EUR/USD has rallied sharply from 1.40 levels and we believe this trend on EUR/USD to continue upto its next resistance of 1.44 level, this is our initial target level on 4 hour chart. So we will be looking for buying opportunities as long as the pair holds above 1.42 level. Also our entries will be timed with the help of slow stochastic indicator. A moderate uptrend is expected in the EURUSD pair. Fundamentals suggest major strength in euro is likely from weak US dollar.
Trading Recommendation on EURUSD for next week:
As per technical analysis we advice you to enter long trades in EURUSD near 1.4275 for weekly target of 1.4435 and then 1.4595 levels, also a protective stop loss must be placed just below 1.4225 level.
Placing stop loss is an art so don’t neglect stop loss in any trades.