EUR/USD: Stuck in the Range, Looking for a Retrace

Hey everyone, Deniz here, coming at you from Antalya. Hope you're all having a solid trading week. Let's talk EUR/USD today because, honestly, it's been a bit of a head-scratcher, just grinding sideways.

The Sideways Grind & My Setup

Right now, we're seeing EUR/USD at 1.08654, hanging around the middle of its recent range. We've got pretty clear resistance up around 1.0888 and then the big psychological 1.09 level. Down below, 1.0842 and 1.08 are holding strong as support. It's been a classic setup right here, bouncing between these levels. My take is neutral on the overall trend, but within this range, I'm eyeing a short swing play. I'm looking for an entry around 1.0873, just a touch higher than current price, anticipating a retest of that upper resistance before a move down.

Technicals & Risk Management

My stop loss for this swing trade is set at 1.091, which gives us a bit of breathing room above the 1.09 resistance. If we break above that, my bias is wrong, and I'm out. The take profit I'm targeting is 1.0799, just above that solid 1.08 support. This is a textbook range trade, aiming to capture a move from the top end of the channel back down towards the bottom. From a fundamental perspective, we're still kind of waiting for a clear catalyst, with central bank comments often pulling it