EUR/USD Outlook (22 April 2021)
Analysis by LCMS Traders
Overall, EUR/USD is ranging across. Recently, EUR/USD bounced up from the key level of 1.20.
The European Central Bank (ECB) will be announcing their monetary policy decision later at 1945 (SGT). It is expected that the central bank will be holding its monetary policy unchanged. Nonetheless, the ECB is likely going to highlight that economic recovery in the eurozone is well underway as shown in the recent releases of economic data. However, the central bank may warn that the recovery will still be subjected to the progress of the vaccination programme in the eurozone.
The ECB will also be holding a press conference at 2030 (SGT).
During this time, volatility is expected in EUR.
EUR/USD’s next support zone is at 1.19700 and the next resistance zone is at 1.21500.
Look for short-term buying opportunities of EUR/USD up until the monetary policy announcement.
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