Euro/Dollar currency pair was almost unchanged at the end of the trading session on Wednesday, the quotes again fixed the level of 1.2030. Traders' activity was predictably low ahead of today's ECB meeting.
It is highly likely that the Europe Central Bank's governing council will not make any changes in its approach to monetary policy. The head of the ECB will probably again declare his determination to maintain favorable financing conditions without mentioning the details. The key outcome of the meeting will be a reference to the possible extension of the emergency procurement program in the event of a pandemic, which has proven very well. It is possible that the regulator will announce an expansion of the quantitative easing program, but it is more likely that this will not happen today. In any case, a statement on further easing of the Central Bank's monetary policy is expected.
EUR/USD pair is currently trading near the local resistance, and a stronger momentum is needed to break through this level. The quotes have a good chance of further upward movement, as the long-term uptrend continues. The correction ended at 1.1730, further growth above the current resistance will open the possibility of strengthening to the level of 1.2200.
Trading Signals for EUR/USD
The forecast assumes an increase in the EUR/USD currency pair to the price values of 1.2050, 1.2075 and 1.2100.