FX.co ★ Short-term technical analysis on EURUSD for August 25th, 2022.

Black lines- Fibonacci retracement levels

EURUSD made another attempt today to break above the 23.6% Fibonacci retracement but bulls failed, showing that they are not strong enough. Current price action has confirmed resistance at 1.0010. A 4 hour close above this level is needed in order for bulls to hope for a bigger bounce towards 1.0080 and higher. My most probable short-term scenario sees EURUSD making a new lower low closer to 0.9850 and then bouncing towards 1.01-1.02. I consider the current price action as a pause to the decline that started at 1.0370 and is still not finished.