EUR/USD: Resistance Play for an Intraday Short

Market Outlook

EUR/USD is sitting right around 1.08481, caught in a sideways chop for now. Day range tells the story: 1.08453 to 1.08509. We saw a slight push to the upside, but it's been rejected hard at the 1.0851 resistance. That level is clear. Given the general lack of fresh bullish catalysts and some underlying USD demand, I see potential for a short-term dip.

The Setup

My focus is on the rejection at 1.0851. This is a clean setup for an intraday move. I'm looking to short EUR/USD at 1.