I wrote about EUR/AUD yesterday as it ended 10 days of declines:

Today’s snap-back rally will trigger some profit taking but fresh shorts will be circling like vultures up around 1.24.

Well waddaya know, the high today was 1.2399 and the pair has now peeled back to 1.2368.

Now that the weak hands have been shaken out, fresh shorts can get involved with a low-risk stop.