EURUSD - A short squeeze within a downtrend Euro/US DollarFX:EURUSDRLindaEURUSD is developing a local downtrend, with the currency pair remaining under pressure from a relatively strong U.S. dollar The dollar remains range-bound but is not yet ready to break below support. Geopolitical uncertainty continues to underpin the index. Against this backdrop, EURUSD has formed a short squeeze around the key 1.1661 resistance level and appears to be preparing for a move lower toward the range support in line with the prevailing bearish trend. From a technical perspective, the liquidity grab around the D1 mirror level and the upper boundary of the trading range has shifted the balance in favor of sellers. This could pave the way for a decline toward 1.1580 and potentially extend to the 1.1500–1.1450 zone. Resistance levels: 1.1661, 1.1718 Support levels: 1.1583, 1.1515 Consolidation below the 1.1661 trigger following the short squeeze could accelerate downside momentum toward the lower boundary of the range. A close below 1.1580 may trigger a continuation of the bearish impulse. Best regards, R. Linda