No need to create a CNAME or do any forwarding – this is bad from the point of SEO and not recommended by Amazon. Even you should not point a record to IP directly – it will cause a lot of troubles in the future because IP can be changed any moment.
The most elegant way is to migrate DNS service from GoDaddy to Route 53. You still will be with GoDaddy, but handling requests for your site will be on Amazon’s side.
Here is what you need to do:
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Open newly added domain name, find NS record and copy servers:
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In GoDaddy’s Domain Manager export records via “Export Zone File (Windows)”.
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Import those records to Route 53 (“Import Zone File” button).
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In GoDaddy’s Domain Manager set custom DNS nameservers, obtained on the 2nd step:
Migrating might take some time (even days).
Now you can link you domain with your Elastic Beanstalk site. To do so select/create proper A record type in Route 53 and set Alias for it:
Hope it helps.