Overall, EUR/USD is trending downwards. Recently, EUR/USD bounced down from the key level of 1.18.
The European Central Bank (ECB) will be announcing its monetary policy decision later at 1945 (GMT+8). It is likely that the central bank will keep monetary policy unchanged. The ECB is likely going to focus on addressing the adoption of its new inflation target policy. Pay attention to any mentioning of how the new policy will benefit the economy.
A press conference will also be held at 2030 (GMT+8). During this time, volatility is expected in EUR.
EUR/USD’s next support zone is at 1.16300 and the next resistance zone is at 1.18200.
If the ECB sends out an optimistic tone on how the new policy will be beneficial, look for short-term buying opportunities of EUR/USD if it breaks the resistance zone of 1.18200.
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