FX.co ★ EUR/USD technical analysis for January 28, 2013

DESCRIPTION:

Last week strong data on Euro Area was released: German Ifo Business Climate index, German Flash Manufacturing PMI, and German ZEW Sentiment have already made this currency going up and break they are strong resistance at 1.3400; although they can break the strong resistance at 1.3400 and all the three moving averages still have a bullish pattern formation "Golden Cross". We have to be cautious for the re-test for the 1.3400 before they go back to the upside momentum again.

Recomendation:

BUY at 1.3476.

Stop loss is at 1.3466.

Take profit is at 1.3490.

Best regards,
Arief Makmur
Official Analyst of InstaForex Companies Group
InstaForex Companies Group
https://instaforex.com
E-mail: Arief.jakarta@indo.instaforex.com
Yahoo Messenger and Skype: Arief.ifx_jakarta

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