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

Red lines- medium-term bearish channel

Blue lines- Fibonacci retracements

EURUSD remains under pressure. Price is trading around 0.9695 just below the 61.8% Fibonacci retracement. The area around this level is very important support. Around the 61.8% Fibonacci retracement level we usually see trend reversals. Price has made no real progress since yesterday. Price has paused the decline at the 61.8% retracement level. Failure to push above yesterday's highs will lead EURUSD towards the next Fibonacci level at 0.9635. Medium-term trend remains bearish as price continues to trade inside the medium-term red channel. EURUSD justifies on higher time frames to make a bigger bounce towards 1.02 and the upper channel boundary. However for this to happen, we need to see a reversal soon. A push lower will decrease chances of the bullish scenario.