The ECB possibly announce its monetary policy unaffected in April but might recognise an optimistic outlook. Hopefulness in the Vaccination drive, economic reopening and steady bond yields appeared to be the key reason behind the positive outlook of the ECB.
The EUR/USD pair possibly has room to increase based on prospects that the bank might downsize its PEPP plan. The ECB president Christine Lagarde will most likely follow the above-mentioned plan. This plan will possibly lift the Euro in the near-term period.
Rising COVID-19 Infections in Asia could be the key concern in the short-term period, which probably halt the vaccination drive. Due to such worries in the market might worry about a summer surge in the COVID cases. So, the Euro might hold the grip at a higher level due to these concern in the market.
Based on the chart pattern, the 1.2154 level appeared to be the key resistance zone at the higher levels, where bulls might pause for a while. Sustaining above the 1.2154 level might add further strength to the pair. However, at the lower levels, the 1.1950 seems to be an immediate support zone before it slides down to lower levels.