EUR/USD: Shorting the Top of the Range – Waiting for a Rejection

Alright team, hope everyone's having a decent start to the week. Taking a look at EUR/USD today, and it's been pretty much glued to the middle of its range. We're currently sitting around 1.08639, barely up 0.13% in the last 24 hours. The day range has been pretty tight too, from 1.08431 to 1.08846. Definitely a sideways market right now, which means we're looking for fades or bounces off the key levels.

My Short Setup Analysis

Given this sideways action, I'm eyeing a potential short setup if we see a re-test of the upper resistance. We've got pretty strong resistance around 1.0885. My plan is to enter a short at 1.0874, just under that 1.0885 level, looking for a rejection there. It's a classic setup right here, fading the top of the range in a choppy market. For risk management, I've set my Stop Loss at 1.0924, giving it a bit of breathing room above the 1.09 psychological level. My Take Profit is set for 1.0799, which is just above the 1.08 support – a nice conservative target within the established range.

Why I'm Leaning Short

Technically, the price has struggled to push convincingly above 1.0885 recently, bouncing around there like a pinball. This lack of conviction to break higher in a sideways trend often