EUR/USD Price Analysis: A Pullback Beyond the 1.0590-85 Support Confluence Remains Improbable

EUR/USD bulls appear to be running out of steam after rallying to the highest level since early March during Thursday's Asian session.

The recent weakening in the main currency pair could be attributed to the RSI being overbought.

Nonetheless, the quote retains the previous day's 200-HMA breakout, as well as several levels defined by a fortnight-long horizontal area centered on 1.0590-95. Thus, EUR/USD remains a target for buyers till it breaks through the 1.0590 barrier.

If the pair falls below 1.0590, a one-week-old rising support line around 1.0515 may act as a temporary halt on the way to the pair's recent multi-month low of 1.0471.

Meanwhile, the April 27 high near 1.0655 appears to be immediate resistance for EUR/USD buyers to monitor on the way up.

Following that, the 50% and 61.8 percent Fibonacci retracements of the April 21-28 fall will be monitored, respectively near 1.0700 and 1.0760.

EUR/USD is poised for a much-anticipated corrective fall following the Fed's latest action.

EUR/USD: Hourly Chart