EUR/USD: Shorting the Chop – Eyes on 1.0779 for a Swing!

Alright KoraFX fam, George Walker here, taking a look at EUR/USD today. It's been a bit of a sideways chop lately, hasn't it? The pair is currently sitting around 1.08375, and we've seen it bounce around in that 1.08187 to 1.08563 range over the last 24 hours. My read is we might be seeing a move to the downside coming, so I'm eyeing up a short swing trade.

Chart Talk & Trade Setup

Looking at the charts, that 1.0856 level has been a pretty solid resistance point, and we're seeing some rejection around there. While it's been sideways, the recent pressure feels like it's leaning bearish. My plan is to enter a short at 1.0847 – just below that key resistance, hoping to catch a move down. My stop loss is set at 1.0892, giving it a bit of breathing room above the 1.0890 area, because you never want to get chopped out by mere noise, do you? For the take profit, I'm aiming for 1.0779. This would bring us down past the 1.0819 and 1.08 support levels, heading towards that 1.0