Petr Krpata, CFA, Chief EMEA FX and IR Strategist at ING, expects the ECB meeting today should be a non-event for the EUR. 

"No new measures are expected to be announced (following a top-up of the PEPP programme in June), the economy is gradually recovering, and the meeting should be more about testing President Christine Lagarde's communication skills rather than any new measures."

"In the short-term, the more important EUR driver is the progress on the EU Recovery fund, as outlined in our EU summit preview with an agreement likely pushing EUR/USD to the 1.15 level."

"So far, the ECB measures have fully compressed the EUR risk premium and with a soft dollar environment to unfold further in coming months, EUR/USD should head higher, above 1.15 this summer and towards 1.20 by the year-end."