FX.co ★ EUR/USD technical analysis for January 30, 2013

DESCRIPTION:

After the yesterday's release of the Gfk German Consumer Climate indicator matching predictions of fundamentalists (5.8), the EUR/USD started getting volatility to break the 1.3475 resistance, but amid the news on German Import m/m it entered the red zone (-0.5%). This currency was likely to touch the 1.3500 as important resistance. However, all the three Moving Averages already formed the Golden Cross pattern, which indicates that this currency pair has a healthy and good momentum to the upside.

Recommendation:

For a scalper:

Buy at 1.3501.

Take profit at 1.3515.

Stop loss at 1.3491.

Or

Sell at 1.3474.

Take profit at 1.3460.

Stop loss at 1.3484.

For a swing trader:

Buy stop pending order at 1.3506.

Take profit 1 at 1.3537.

Take profit 2 at 1.3589.

Stop loss at 1.3455.

Best regards,

Arief Makmur

Official Analyst of InstaForex Companies Group

InstaForex Companies Group

https://instaforex.com

Email: Arief.jakarta@indo.instaforex.com

Disclaimer:

Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.