EUR/USD Short: Looking for a Dip from Resistance! What do you guys think?

EUR/USDShortSwing1w ago22 views

Trade Setup

Entry Price

1.0873

Stop Loss

1.0921

Take Profit

1.0802

Risk : Reward

1 : 1.48

RiskReward

Current Market Vibe


Hey, KoraFX fam! Hope everyone's having a good week. Checking out EUR/USD today, and it’s been pretty sideways lately, chilling between 1.08434 and 1.0883 in the day range. We're currently at 1.08632, up a tiny bit (0.12%) from yesterday. But that 1.0883 level is looking like a pretty strong resistance point, right?

My Swing Setup


So, I'm eyeing a short position on EUR/USD. The idea is to catch a swing down from that resistance area. I'm looking to enter around 1.0873, which is just below the 1.0883 resistance. My stop loss is set at 1.0921 – gotta protect the capital, you know? For the take profit, I'm aiming for 1.0802, which is right around the 1.08 support level. From a technical perspective, a rejection from 1.0883 could push it down towards 1.08. Fundamentally, with the general chatter about potential USD strength coming back or some European economic worries, it feels like there’s a slight bias for a move lower if the resistance holds. This looks juicy if it plays out!
What are your thoughts on this setup? Am I missing anything important here? Still learning all the ropes! Let's go!

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