EUR/USD Short Play: Resistance Calling the Shots Intraday!

Alright team, George here from Brum! Hope everyone's having a good start to the week. Been eyeing up EUR/USD today, and it's looking like a bit of a beauty for a potential short setup.

Technical Snapshot: Charts Don't Lie

Currently, EUR/USD is hovering around 1.08614. We've been pretty much in a sideways trend lately, bouncing between 1.08443 and 1.08786 today. What's caught my eye is how it's bumping right up against that 1.0879 resistance level. Charts don't lie, and that level has held firm. My plan is to short from 1.087, just under that key resistance, hoping for a rejection. The first support at 1.0844 is crucial, but I'm aiming for 1.0808, which sits nicely just above the bigger 1.08 psychological level.

Fundamental Flavour & Risk Management

On the fundamental side, with the dollar showing a bit of underlying resilience amidst general market cautiousness, a push lower on EUR/USD certainly isn't out of the question. However, we've got to respect the current sideways action, so being nimble is key. My intraday short setup is Entry: 1.087, Stop Loss: 1.0911, Take Profit: 1.0808. Remember, conservative risk is always the name of the game. That stop loss is there to protect the capital. Let's trust the process and