EUR/USD: Navigating Sideways Action for a Potential Upside Break

Market Structure and Technical Analysis

The EUR/USD pair is currently trading at 1.08631, showing a modest 0.12% gain over the last 24 hours. My analysis indicates that the market is operating within a clear sideways trend, with the day's range confined between 1.08435 and 1.08827. This consolidation phase often precedes a directional move, and the structure is clear for observation.
We observe immediate support at 1.0844, which has been tested and held, alongside a stronger psychological level at 1.08. On the upside, resistance is present at 1.0883, with further hurdles at 1.09 and 1.095. The current price action suggests a potential rebound from the lower end of this recent consolidation. My technical read indicates that as long as the 1.0844 level holds, there is scope for an upward push within the current range and potentially beyond.

Trade Rationale and Risk Management

Given this technical setup, I am establishing a long position on EUR