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The EURUSD is currently in a bearish trend, respecting a descending channel. The price has approached a key area of premium and potentially an optimal trade entry (OTE) for shorts. The failure to break above the external high at 1.16655 suggests continued bearish pressure. Key levels to watch include the current short-term uptrend with the potential for a lower timeframe change of character if price breaks below the protective low. Alternatively, a break and mitigation of the imbalance at 1.09050 would confirm the bearish continuation. The overall outlook remains bearish as long as price stays within the descending channel and below the external high.