EURUSD has already recovered 600 pips from its recent low and more recovery is likely to continue in coming week. EUR/USD was very strong after the breakout above the 1.45 level, after the weakening of USD due to weak NFP data released yesterday. So we are expecting this up move on EUR/USD to continue upto its next resistance of 1.49, which is our initial target level on daily chart. So we will be looking for buying opportunities as long as the pair holds above 1.45 level. Also our entries will be timed with the help of stochastic indicator. A strong uptrend is expected in the EURUSD pair.
As per our analysis we recommend you to place long orders in EURUSD near 1.4575 for weekly target of 1.4735 and 1.4905, also a protective stop loss must be placed near 1.4145 level.
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