FX.co ★ Short-term technical analysis on EURUSD for September 12th, 2022.

Red lines- bearish channel

Black lines- Fibonacci retracements

EURUSD has started the week exactly how it ended the previous one. Dollar weakness across the board and EURUSD making short-term higher highs and higher lows. Price has so far retraced the 61.8% of the decline from 1.0368. This Fibonacci retracement level is key resistance. Short-term trend might be changing to bullish, however price remains inside the medium-term bearish channel. Next resistance is at 1.0260. Breaking above this level will increase chances EURUSD moves higher towards 1.04.