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EUR/USD Forecast: correcting higher, but still bearish

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The EUR/USD pair extended its decline down to 1.0833, bouncing from the level early Europe, as stocks opened with a negative tone and Swiss CPI readings came out better-than-expected, triggering spikes in all of the European currencies.

View the Live chart of the EUR/USD

The pair trades near its daily high, set at 1.0891, ahead of the release of the EU Retail Sales, expected to have advanced 0.2% in September. Nevertheless, the technical picture suggests that the current recovery is barely a correction in the middle of its bearish trend, given that the price remains well below a sharply bearish 20 SMA, whilst the technical indicators are bouncing from oversold readings, as seen in the 4 hours chart.

The upward corrective movement can extend above 1.0900, towards the 1.0960 price zone, and even up to 1.1000, should the greenback remain under pressure, particularly because the pair has tested a major long term static support. However, the bearish trend remains firm in place, and selling at higher levels is still seen as an attractive trade. Renewed selling pressure below 1.0840 on the other hand, may see the pair extending down to 1.0800, whilst a break below it should fuel the decline and see the price extending down to 1.0750 in the short term.

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