FXStreet reports that economists at Westpac said that EUR/USD pair may test 1.17-1.22 range support.

“The European Union economy is likely to be constrained until well into H2 21 while economies such as the UK and US, with more successful vaccine rollouts and slowing new cases will outpace the EU. The ECB’s updated economic projections may well highlight the impact with only a minor uplift to regional growth compared to uplifts in other major economies.” 

“ECB is likely to underscore its commitment to support the recovery and be flexible with its PEPP to avoid spread widening and excessive yield rises but is not likely to alter its policies otherwise.”