EUR/USD Holds Gains Ahead of ECB Decision

Written by Sandra Leggero

Sandra Leggero has a background in financial markets, having spent more than 9 years in commodities trading for several European and Asian companies. She holds a degree in Economics from the University of Pavia and specializes in emerging markets.

, | Updated: March 19, 2026

Key Moments

EUR/USD trades near 1.1470 as the US Dollar eases slightly.
ECB expected to keep rates unchanged, focus on guidance.
1.1400 seen as key support if downside pressure builds.

EUR/USD Edges Higher on Softer Dollar

The EUR/USD pair moves modestly higher during Thursday’s European session, hovering near the 1.1470 level. The upside comes as the US Dollar softens slightly following its strong rally in the previous session.

The US Dollar Index, which measures the Greenback against a basket of major currencies, ticks lower on the day but remains close to recent multi-month highs, reflecting underlying strength in the currency.

Fed Stance Supports Dollar Strength

The US Dollar found support after the Federal Reserve kept interest rates unchanged and signaled limited scope for near-term rate cuts. Policymakers highlighted stalled progress on inflation, reinforcing expectations that rates could remain higher for longer.

This cautious stance continues to underpin the Dollar, limiting the upside potential for EUR/USD despite short-term pullbacks.

Euro Mixed Before ECB Decision

The Euro shows mixed performance ahead of the European Central Bank’s policy announcement. Markets widely expect the ECB to leave rates unchanged, extending its pause for another meeting.

Attention will center on the policy statement and comments from ECB President Christine Lagarde, particularly regarding inflation risks and the economic impact of geopolitical tensions.

Bearish Bias Remains Intact

From a technical perspective, EUR/USD continues to display a bearish short-term structure. The pair remains below the descending 20-day Exponential Moving Average near 1.1600, reinforcing the negative trend after failing to sustain gains near the 1.1900 area.

Momentum indicators also support the downside view, with the Relative Strength Index holding around 35 and signaling persistent selling pressure.

Key Support and Resistance Levels

Immediate support is located around 1.1450. A sustained break below this level could open the door toward the 1.1400 zone, which stands as a critical support area.

On the upside, initial resistance is seen near 1.1550, followed by stronger barriers around 1.1630 and 1.1780. A decisive move above 1.1630 would be required to ease bearish pressure and signal a potential recovery.