Sideways Shuffle on EUR/USD – Eyeing a Short for a Swing!

Chart Talk: Resistance Holding Strong

Alright team, let’s talk EUR/USD. The pair has been pretty much chilling sideways lately, currently trading around 1.0872. If you look at the daily range, we've seen it bounce between 1.0839 and 1.0905. What's catching my eye is that strong resistance zone around 1.0905 and then 1.09. Every time it pokes its head up there, it struggles to hold. For me, the charts don't lie, and this consolidation near resistance often signals a potential reversal or pullback.

My Swing Play: Betting on the Greenback

From a fundamental perspective, even with all the talk about rate cuts, the dollar still feels like it has some underlying strength, or at least the Euro isn't exactly screaming bullish right now given some of the recent economic data out of the Eurozone. So, with the technicals lining up, I'm looking at a short position on EUR/USD for a swing trade. My entry is set for 1.0883, just shy of that 1.09 resistance. I'm placing my stop loss at 1.0936, giving it enough room above the key resistance but keeping my risk in check.

Targeting Lower Levels

For the take profit, I’m aiming for 1.0777. That’s a decent move, pushing past the immediate support at 1.0839 and 1.08, and heading towards the next major support