EUR/USD: Resistance Holds Firm, Initiating a Short Position

Technical Analysis & Market Structure

The current market for EUR/USD, priced at 1.08342, reflects a generally sideways trend, as indicated by recent price action. We observe the pair trading within a daily range of 1.08104 to 1.08579, with the 24-hour change showing a modest decline of -0.00158 (-0.15%). My analysis suggests that the pair is encountering significant resistance just above the current level. Specifically, the 1.0858 level has proven to be a robust ceiling, closely aligning with the recent day's high of 1.08579. This confluence of resistance