EURUSD Technical Analysis: Bullish Above 1.1588
Market Overview
The euro surged against the US dollar on March 19, closing at 1.15880 with strong bullish momentum. EURUSD broke decisively above key resistance levels, signaling potential continuation of the rally. This move came after a volatile consolidation period, and traders are now watching for confirmation above the recent high at 1.1616.
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Get Free EAs →Key Currency Pair Movements
EURUSD (1.15880)
- Strong daily close above 1.1551 resistance
- Daily range: 1.1442 – 1.1616 (174 pips)
- Bullish bias with higher highs forming
- Volume support suggests genuine strength
The pair has recovered from the March 18 low of 1.1448, gaining nearly 140 pips in two trading days. This reversal pattern indicates institutional buying interest in the euro, likely driven by diverging monetary policy expectations between the ECB and Federal Reserve.
GBPUSD & USDJPY While specific data wasn’t provided for these pairs today, EURUSD’s strength typically correlates with broader dollar weakness. Monitor GBPUSD for similar bullish setups and watch USDJPY as a risk-sentiment indicator.
Technical Analysis: Key Levels
Resistance Zones
- 1.1616: Recent session high – Critical resistance
- 1.1650: Psychological level and multi-day resistance
- 1.1700: Major structural resistance to watch
Support Zones
- 1.1588: Yesterday’s close – New dynamic support
- 1.1544: 20-period moving average support
- 1.1442: Session low and secondary support
Chart Pattern
EURUSD is forming a bullish flag pattern within the March uptrend. Consolidation between 1.1480–1.1550 has now resolved to the upside. As long as price holds above 1.1544, the bullish narrative remains intact.
Trading Considerations
Long Setup (Bullish Traders)
- Entry: Above 1.1616 with breakout confirmation
- Target 1: 1.1650
- Target 2: 1.1700
- Stop Loss: Below 1.1442
Short Setup (Mean Reversion)
- Entry: Rejection at 1.1616
- Target: 1.1544
- Stop Loss: Above 1.1650
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Economic Events to Monitor
This Week (March 20-21):
- ECB Speakers: Watch for any hawkish commentary supporting euro strength
- US Economic Data: Jobless claims could impact dollar weakness
- Fed Speakers: Monitor for rate guidance that might reverse the dollar trend
Next Week:
- Eurozone PMI Data (March 24): Manufacturing and services sectors
- US NFP & Unemployment (March 26): Major risk event
These economic indicators could trigger volatility reversals, so manage positions accordingly.
Trading Outlook
Short-term (Next 48 hours): EURUSD has bullish momentum. The break above 1.1588 opens the door to 1.1616 and potentially 1.1650. Watch for dip-buying into support at 1.1544 as a potential continuation signal.
Risk factors:
- Dollar strength on risk-off sentiment could reverse the move
- ECB policy divergence expectations may shift
- US economic data surprises could trigger dollar rebound
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This analysis is for educational purposes only and does not constitute financial advice. Trading forex carries significant risk. Past performance is not indicative of future results.