EURUSD Technical Analysis: 1.157 Resistance Test
Market Overview
The EUR/USD pair is trading near 1.1570 on March 22, 2026, following a volatile week that showcased significant intraday swings. After dipping to 1.1424 on March 18, the euro has staged a impressive recovery, gaining approximately 150 pips in just two trading days. This bounce reflects renewed buying interest in the common currency and suggests that bears may be losing momentum.
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Key Technical Observations:
The daily chart reveals a V-shaped recovery pattern establishing itself over the past four days:
- Support Level (Critical): 1.1424 - This represents the swing low from March 18 and is holding as the session floor. A break below this level would invalidate the recovery narrative.
- Resistance Level (Current): 1.1595 - The pair tested this level on March 19 before pulling back. A decisive close above 1.1595 would open the door to 1.1650+.
- Mid-Point Support: 1.1500 acts as an intermediate anchor, providing a secondary support zone if intraday volatility emerges.
Moving Average Structure: The EUR/USD is trading above its key moving averages, signaling short-term bullish momentum. However, the inability to sustain above 1.1600 suggests that sellers are still defending this psychological level.
Volume Profile: Recent upticks in buying volume on recovery days indicate institutional interest in supporting the euro, though confirmation of strength will require a break and close above 1.1595.
Other Major Pairs
GBPUSD & USDJPY: While detailed data wasn’t provided for today, traders should monitor these pairs for broader dollar sentiment shifts. A weakening USD bias typically supports EURUSD appreciation.
Economic Calendar Highlights
Watch for:
- Eurozone PMI Data (if released): Manufacturing and services PMI figures will influence euro sentiment
- US Economic Data: Any stronger-than-expected US data could support dollar strength and cap EUR/USD upside
- Central Bank Communications: ECB speakers this week may impact near-term volatility
Trading Outlook
Bull Case: A break above 1.1595 with volume confirmation targets 1.1650, then 1.1700+. This scenario benefits from continued euro strength narratives and potential dollar weakness.
Bear Case: A reversal below 1.1500 risks a retest of 1.1424. If that level fails, expect acceleration toward 1.1350.
Risk Management: Given the volatility this week, position sizing remains critical. Use stop-losses at the extremes (1.1420 for longs, 1.1620 for shorts) and take profits into resistance levels.
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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.