FX.co ★ EUR/USD technical analysis for January 31, 2013

DESCRIPTION :

Yesterday data on the Gross Domestic product in Spain was released. GDP contracted 0.7% in Q4 over the previous quarter. The EUR/USD pair is still successful in making higher high and lower high at its candlesticks and the three Moving Averages are still in "Golden Cross" formation pattern. Although, today there is possibility the 23.6% (1.3545) and 38.2% (1.3520) Fibonacci support will be test.

Recomendation:

BUY stop pending order at 1.3592.
Take profit 1 is at 1.3612.
Take profit 2 is at 1.3644.
Stop loss is at 1.3562.
Or
SELL stop pending order at 1.3549.
Take profit is at 1.3535.
Stop loss is at 1.3559.

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

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