EUR/USD: Fading the Sideways Grind – My Intraday Short Bias for a Reversal

Current Market Scan & My Position

Let's cut straight to the chase. EUR/USD is currently trading at 1.08641, exhibiting a rather tame 0.13% gain over the last 24 hours. The market narrative points to a sideways trend, with the daily range contained between 1.0843 and 1.08851. While many might be waiting for a decisive breakout, my analysis suggests we're ripe for a fade on any upward strength within this range. I am establishing an intraday short position on EUR/USD. My entry is set at 1.0871, with a protective stop loss at 1.0905, and a take profit target significantly lower at 1.