European (ECB) is widely expected to keep key policy tools unchanged. Draghi is likely to state readiness to do more, but reiterate he does not see an immediate need to cut rates further.
Hence, the rate decision and press conference are likely to be dead event.
Staff projections are likely to be revised higher, courtesy of higher oil prices. But, that appears to have been priced-in by markets. (move from 1.11 to 1.1220.
Further gains look likely only if Draghi pushes hawkish button hard. Otherwise, the spot could move back to around 1.1150 before rising again towards inverse head and shoulder neckline level of 1.1224