Overall, EUR/USD is ranging across. Recently, EUR/USD tested but failed to break above the key level of 1.22. The European Central Bank (ECB) will be announcing its monetary policy decision later at 1945 (GMT+8). It is expected that the central bank will be holding policy unchanged. During the previous meeting, the ECB highlighted that it is expecting quantitative easing under the Pandemic Emergency Purchase Programme (PEPP) to increase in the upcoming months. Thus, pay attention to whether the central bank is still planning to carry on with the increase since the COVID situation since the previous meeting has improved.
A press conference will also be held at 2030 (GMT+8). During this time, volatility is expected in EUR. Currently, EUR/USD is moving towards the support zone of 1.21500 and the next resistance zone is at 1.23200.
Look for buying opportunities of EUR/USD if it bounces up from the support zone of 1.21500.