Interesting.. I've called a short on EURAUD... one of the commentators mentioned that there was still some upside left.. from my trade perspective, the PBOC's floor rate issue certainly was a blessing in disguise. As a pure technical analyst, its good to see the other side of the trade call too.
Are you currently trading, or looking to trade this pair? For now, I've labeled this pair rangebound in my books. Until it breaks to either side, I'm staying away. Though I'm still holding a bullish outlook (to perhaps 1.5 area?), if it breaks down, I'll be looking to trade it down to previous swing lows on the daily/weekly. I guess it's just typical summer volume/ranges in play across the "forexscape".
One of the "rare" occasions where surprise fundamental data invalidates a trade. On this occasion, it was the PBOChina removing lending rate floor - causing the Australian Dollar to react with a powerful up move. Will sit back and note how this plays out next week.