Overall, EUR/USD is trending upwards. Recently, EUR/USD bounced up from the key level of 1.18.
The European Central Bank (ECB) will be announcing their monetary policy decision later at 1945 (GMT+8). It is expected that the central bank will hold monetary policy unchanged. No announcement on tapering of quantitative easing is expected from the ECB during the meeting for three reasons. Firstly, the COVID Delta variant in the eurozone is still an issue. Next, the recent rise in inflation in the eurozone is likely going to be downplayed as being temporary. Lastly, the central bank will be releasing its quarterly economic projection and it is likely that the ECB will want to wait for more projections to have a clear picture of the eurozone economic outlook.
The ECB will be holding a press conference at 2030 (GMT+8). During this time, volatility is expected in EUR.
EUR/USD’s next support zone is at 1.17600 and the next resistance zone is at 1.19000.
Look for short-term selling opportunities of EUR/USD up until the ECB monetary policy announcement at 1945 (GMT+8).
The European Central Bank (ECB) will be announcing their monetary policy decision later at 1945 (GMT+8). It is expected that the central bank will hold monetary policy unchanged. No announcement on tapering of quantitative easing is expected from the ECB during the meeting for three reasons. Firstly, the COVID Delta variant in the eurozone is still an issue. Next, the recent rise in inflation in the eurozone is likely going to be downplayed as being temporary. Lastly, the central bank will be releasing its quarterly economic projection and it is likely that the ECB will want to wait for more projections to have a clear picture of the eurozone economic outlook.
The ECB will be holding a press conference at 2030 (GMT+8). During this time, volatility is expected in EUR.
EUR/USD’s next support zone is at 1.17600 and the next resistance zone is at 1.19000.
Look for short-term selling opportunities of EUR/USD up until the ECB monetary policy announcement at 1945 (GMT+8).