I don’t think we are witnessing any major move here, simply that some players were short EUR and playing ‘risk aversion’ trades in expectation of poor results from the Spanish bank stress tests and/or budget reform bill. Both have passed without incident so the shorts are covering.
AUD/USD worked through some decent offers at 1.0460/65 and triggered more stops above 1.0470 whilst EUR/USD is still edging higher and showing few signs of wanting to pull-back.