EUR/USD: Short Opportunity Emerges Amidst Sideways Consolidation

Market Context and Technical Setup

The EUR/USD pair is currently exhibiting sideways price action, trading around 1.08388, with a slight 24-hour depreciation of -0.1%. My observation of the daily range, stretching from 1.08221 to 1.08556, indicates a period of consolidation. The immediate resistance level at 1.0856 has proven significant in recent sessions, and price has struggled to hold above it. This resistance, coupled with the broader sideways trend, suggests that upside momentum is currently capped.
For this swing trade setup, I am looking for a short entry around 1.0844. This level is strategically chosen just below the immediate resistance, anticipating a rejection or continuation of the current downward pressure within the range. The structure is clear: