EUR/USD Short Play: Resistance Holding, Time to Fade

Technical Read

EUR/USD is stuck in a sideways grind, but the levels are clear. Current price at 1.08552, just shy of the 1.0863 resistance. Price has been capped near the top of its 24hr range (1.08474 — 1.0863). This looks like a rejection of that upper boundary. We could see a quick move down to test support.

The Trade

This is a clean setup for a scalp. I'm taking this trade short. We're fading the push up against resistance, looking for a quick drop.
* Entry: 1.0857
* Stop Loss: 1.0866 (tight, just above the 1.0863 resistance)
* Take Profit: 1.0834 (targeting a move back towards