We have been watching the recent weakness in Bund yields and other European rates driven by further lockdowns across Europe. meanwhile, given we are NOT risk bears we continue to use the AUD as the risk proxy for equities. EURAUD has failed in 1.6550/90 zone multiple times this year which gives nice risk reward short setup. Sell at 1.6540, stop above 1.6600, targeting 1.6350 initially, potential for extension to 1.6150.