eFXdata reports that analysts at Credit Suisse offer their outlook for EUR/USD ahead of tomorrow's ECB policy meeting.

"Ahead of this week’s ECB rate decision on 22 July, market pricing in terms of EUR implied volatility and risk reversals is exceptionally tepid despite some market participants raising the expectation that the ECB needs to deliver some form of more concrete policy agenda to back up the new objective introduced via the Strategy Review. This suggests that, in practice, the market is not expecting any EUR knee-jerk move higher on the risk of the ECB being insufficiently dovish." 

"We concur with the market’s benign pricing for this week’s ECB meeting, and remain locked into our short EUR/USD position from 1.2000, recommending that knee-jerk spikes towards 1.1850 are to be sold."