EUR/AUD: Nearing short-term resistance at 1.2320

There are likely to be sellers ahead of this level with stop-losses just above. The market is very long AUD and very short EUR, so watch out for sharp short-covering rallies in EUR/AUD. I’ll put some technical analysis up in a little while but this pair is starting to show some signs of weariness after a big fall and could soon be ready to turn? I’m long GBP/AUD in anticipation, as I have trouble staying long EUR for extended periods.