EUR/USD: Watching for a Short Play!

Hey everyone! Hope you're all having a cracking week. Been eyeing EUR/USD and reckon there might be a neat swing opportunity shaping up here. It's been pretty sideways, just bobbing around, currently sitting at 1.08603. I'm seeing it struggle to push past that 1.0876 resistance – it's been the top of the day range at 1.08756, so it's definitely a level to watch.

Why I'm Looking Short

My setup is to go short at 1.0868. This is basically looking for a retest of that resistance, or even a slight fake-out above the current price, before it ideally rejects and heads south. Technically, it just can't seem to hold above that 1.0876 level. Fundamentally, with the ongoing chatter around potential USD strength and maybe some lingering economic concerns in the Eurozone, I think there's a good chance we could see some downside pressure building up.

The Trade Plan

For this swing trade, I'm setting my Stop Loss fairly conservatively at 1.0905, just above the 1.09 psychological level, giving it a bit of breathing room. My Take