Unlikely to be a fungus.....much more likely to be an insect pest, like scale. Scale is very common on euonymus. I will be the first to tell you NOT to treat it but to remove ALL the burning bushes you have. They are a highly invasive species and there are so many better shrubs you can replace them with.

Ditto to what gardengal said.

gardengal and laceyvail,

Thank you very much for your advice. I apappreciate i!