EUR/AUD still struggling to break above 1.2500

I find this quite interesting, as there are undoubtedly some large EUR/AUD short positions in the market. Some of these will certainly have covered on the 400 pip rally over the last few weeks but its interesting that there is still such heavy selling interest as we’ve seen over the last few days on the approach to 1.2500.

The mad scramble to buy AUD/USD yesterday after the 1.0600 break failed, shows that there is still plenty of willing buyers for the Teflon currency.