EUR/USD: Betting on the Breakdown - Short @ 1.0843

Market Snapshot & Trend Outlook

EUR/USD is stuck in a sideways chop, currently trading around 1.0839. The 24h change is slightly negative at -0.1%, hinting at underlying weakness. We've seen resistance hold strong around 1.0855, with price struggling to push higher within the day range of 1.08235 – 1.08553. The trend might be flat, but that just means we look for the next short-term move.

The Setup: Shorting the Rejection

My take: a short entry at 1.0843. This puts us just under the 1.0855 resistance level. I'm looking for a clear rejection here, a move that capitalizes on the current inability to break higher. The general sentiment points to potential USD strength on upcoming data, which could be the nudge we need for a breakdown. Simple is best.

Trade Parameters & Targets

My stop loss is tight at 1.0862, sitting just above that 1.0855 resistance – manage risk. The target for this intraday play is 1.0795. This aims for a break below the minor support at 1.