EUR/USD: Sideways Grind Towards Resistance – Short Setup Developing

Market Snapshot

EUR/USD currently sits at 1.08818, a 0.29% gain today, but still firmly within a sideways trend. Price action is pressing towards the day's high of 1.09294, which aligns with key resistance at 1.0929 and 1.095. Conviction above these levels looks thin.

The Trade

My read suggests potential exhaustion near these resistance points. Fundamentally, a degree of underlying USD strength continues to underpin sentiment for me. Taking this trade: short EUR/USD at 1.0905. Stop loss is placed at 1.1019, just above the next significant resistance at 1.1. Target profit is set at 1.0733.

Outlook

It's a clean setup. Levels are clear, and I'm trading what the chart shows, not what I hope for. We know markets can always throw curveballs, so conservative risk management is