EUR/USD: Sideways Grind, Eyeing a Short Break

Market Scan: Range-Bound Play

EUR/USD is stuck in a sideways grind, currently trading around 1.08691. The day range is tight, 1.08405 to 1.08977. We've seen resistance hold firm near 1.0898 and the 1.09 mark. Buyers are struggling to push past these levels, suggesting underlying weakness. Watching closely for a clear break.

Intraday Short Play

Given the rejection at higher levels, I'm looking for an intraday short on EUR/USD. The setup:
* Entry: 1.0876 – waiting for a retest before dropping.
* Stop Loss: 1.091 – just above the recent resistance.
* Take Profit: 1.079 – targeting a move towards the 1.08 support and then towards 1.075. If 1.0841 breaks, we could see quick downside.

Catalysts to Watch

Technicals are key here, but general market sentiment around the US Dollar could provide the push. Any hint of renewed USD strength or continued economic headwinds for the Eurozone could be the catalyst to break below 1.0841 and push us to target. "The trend is your friend," and if this sideways action resolves downwards, I want to be on it.