EUR/USD: Positioning Short as Resistance Holds Firm

Technical Analysis & Entry Rationale

The EUR/USD pair is currently trading within a defined range, with the latest price at 1.08631. While the 24-hour change shows a modest gain of 0.12%, the overall trend remains sideways, as indicated by the market data. Our focus for this position trade is on the upper boundary of the recent consolidation. I am looking to initiate a short position at 1.0869. This entry point is strategically chosen to capture potential downside momentum following a retest of the daily highs or minor resistance.
Key resistance levels are clearly marked at 1.0883 and 1.09. The day's high reached 1.08828, almost perfectly touching the initial resistance, which suggests selling interest at these elevated levels within the current range. My stop-loss is placed at 1.0901, just above the critical 1.09 psychological and technical resistance level, providing a clear invalidation point for this setup. This ensures that