EUR/USD Short Setup: Is the Sideways Trend Breaking Down?

Hey everyone! Hope you all are having a productive week. Been watching EUR/USD pretty closely and a swing trade idea is shaping up. The market's been pretty sideways lately, current price is around 1.08261, but I'm seeing potential for a short move.

Technical Readout

Looking at the charts, EUR/USD has been struggling to hold above resistance. The day range today has been 1.07903 to 1.08619, and we've seen some selling pressure pushing it down a bit, already down 0.22% today. My plan is to look for an entry around 1.0843. This level feels like a nice retest zone before a potential drop. We've got pretty strong resistance levels looming at 1.0862 and then 1.09, which gives my stop loss some breathing room.

Risk Management & The Bigger Picture

My stop loss is set at 1.0929 – a conservative spot, well above the 1.09 resistance, just in case of a false breakout. On the fundamental side, I'm keeping an eye on the broader dollar strength narrative and any hints of Eurozone economic weakness, which could provide the catalyst for this move. My take profit is ambitious at 1.0714, aiming to break through the 1.075 support and even the 1.079 and 1.08 levels.