EUR/USD Price Analysis: Retreats from seven-week-old resistance below 1.0600

• EUR/USD pares the biggest daily gains since early March during sluggish Asian session.
• Multi-day-old resistance line triggered pullback moves amid nearly overbought RSI.
• 100-SMA, weekly support trend line lure the sellers, 200-SMA adds to the upside filters.

EUR/USD eases from a two-week high as a short-term key hurdle defends sellers around 1.0580 during Friday’s Asian session.

That said, the major currency pair rallied the most since early March the previous day while refreshing the fortnight high. However, nearly overbought RSI and a downward sloping trend line from March 31 probed bulls afterward.

Considering the RSI and trend line mix that kept sellers hopeful, a pullback towards the 100-SMA and then to the weekly support line, respectively around 1.0510 and 1.0485, can’t be ruled out.

However, any further downside past 1.0485 won’t hesitate to challenge the latest multi-month low surrounding 1.0350.

Meanwhile, EUR/USD bulls need not cheer an upside break of the immediate resistance line, at 1.0600 by the press time, as the 200-SMA level of 1.0665 stands tall to challenge the recovery moves.

In a case where the pair rises past 1.0665, the odds of witnessing further upside towards the 50% Fibonacci retracement of March-May downside, near 1.0768 can’t be ruled out.

EUR/USD: Four-hour chart

Trend: Pullback expected