EURUSD Bounces: 1.1570 Resistance Key
Market Overview
The euro gained ground against the US dollar on Friday (March 20), closing the week with a bullish candle that recovered from earlier weakness. EURUSD closed at 1.1570, marking a 20-pip gain and closing above the weekly midpoint. This rebound suggests renewed buying interest after Thursday’s dip to 1.1524—a critical level that held as support.
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Current Price: 1.1570
Resistance Levels: 1.1595, 1.1620, 1.1650
Support Levels: 1.1524, 1.1480, 1.1450
Friday’s candle shows a strong recovery from intraday lows, with the pair closing near the high (1.1595). The bounce suggests the earlier drop was likely profit-taking rather than a trend reversal. However, traders should watch the 1.1595 resistance—a failure to break above this level could trigger another pullback.
The 5-day range (1.1450–1.1950) remains intact, indicating consolidation. The 20-pip high-to-low spread on Friday is relatively tight, suggesting reduced volatility as we approach the weekend.
Other Major Pairs in Focus
GBPUSD: Sterling continues to show relative weakness, trading in narrow ranges as UK inflation data remains mixed. Watch the 1.2650 support level.
USDJPY: The yen strengthened against risk-off sentiment, though the pair remains bounded between 140.50–142.00. Bank of Japan guidance will be critical next week.
Key Economic Events to Watch
- ECB Speakers (Next Week): European Central Bank officials may comment on monetary policy expectations
- US Employment Data (Friday, March 28): Non-farm payrolls will be crucial for dollar direction
- Eurozone GDP Revision: Watch for any upward or downward adjustments to growth estimates
- Fed Chair Comments: Always market-moving, particularly regarding rate trajectory
As noted in our SteadyPips guide, economic calendars are essential for avoiding surprise volatility.
Trading Outlook
Bullish Scenario: If EURUSD breaks above 1.1595 with volume, the next target is 1.1620–1.1650. A sustained close above 1.1620 could signal a continuation higher toward 1.1700.
Bearish Scenario: A breakdown below 1.1524 would confirm weakness, with targets at 1.1480 and 1.1450. A close below this support could indicate a deeper correction.
Best Entry Zones:
- Long: 1.1550–1.1570 (pullback buy)
- Short: 1.1600–1.1620 (resistance rejection)
The four-hour chart shows the pair respecting moving averages, with consolidation suggesting indecision. Volume is key—we need to see which side breaks with conviction early next week.
Range-bound conditions like these are ideal for grid trading strategies that profit from oscillation rather than requiring a directional commitment.
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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.