EUR/USD: Positioning for an Upside Break from Sideways Consolidation

Technical Assessment and Price Action

The EUR/USD pair is currently trading at 1.087, reflecting a modest 0.18% gain over the last 24 hours. While the overall trend has been notably sideways, with the pair consolidating between 1.084 and 1.09 for much of the day, my technical analysis suggests a potential for an upward move. The immediate support at 1.084 has held firm, proving resilient even at the lower end of today's range. This indicates underlying demand preventing further declines, a crucial observation.
My focus is on a position trade, anticipating a break from this consolidation. The resistance level at 1.09 is the immediate hurdle. A decisive breach above this point would open the path towards the