FxWirePro: EUR/AUD consolidates break out at 'Triangle Top', scope for further upside

• EUR/AUD is trading in a 'Symmetric Triangle' pattern and has shown a decisive breakout at 'Triangle Top'.
   
• Aussie dented on Australia January Retail Sales miss and lower commodities prices. RBA policy decision had little impact.
   
• The RBA kept rates unchanged as expected and the policy statement offered no hawkish or dovish surprise.
   
• Technical indicators on weekly charts support upside in the pair. RSI strength seen at 68 levels and momentum studies are bullish.
   
• Upside is currently capped below 78.6% Fib retrace of 1.6585 to 1.3626 fall at 1.5952.
   
• Break above will find next major resistance at 1.6247 (88.6% Fib) ahead of 1.6252 (2016 high).
   
• On the flipside, 20-DMA is strong support at 1.5727, break below will see further weakness.

Recommendation: Good to go long on dips around 1.5850/60, SL: 1.5730, TP: 1.59/ 1.5950/ 1.6075.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest