EUR/USD Price Analysis: Pullback remains elusive beyond 1.0590-85 support confluence

• EUR/USD pares the biggest daily gains in two months around one-week high.
• Overbought RSI triggered consolidation but 200-HMA, multiple levels challenge further downside.
• Key Fibonacci Retracement levels stay on the bull’s radar until the quote breaks nearby support.

EUR/USD bulls seem running out of steam after rising the most since early March, taking rounds to 1.0610-15 during Thursday’s Asian session.

The major currency pair’s latest weakness could be linked to the overbought conditions of the RSI (14).

Even so, the quote holds onto the previous day’s breakout of the 200-HMA, as well as multiple levels marked by a fortnight-long horizontal area, surrounding 1.0590-95. Hence, EUR/USD remains on the buyer’s radar unless breaking the 1.0590 level.

Should the pair drops below 1.0590, a one-week-old rising support line, around 1.0515, may offer an intermediate halt during the fall targeting the latest multi-month low of 1.0471.

Meanwhile, April 27 high near 1.0655 appears immediate resistance for the EUR/USD buyers to watch during the fresh upside.

Following that, the 50% and 61.8% Fibonacci retracement of April 21-28 downside, respectively near 1.0700 and 1.0760, will be in focus.

Overall, EUR/USD is up for the much-awaited corrective pullback after the Fed’s latest action.

EUR/USD: Hourly chart

Trend: Further recovery expected