Francesco Pesole, the FX strategist at ING, sggests that EUR investors may take a wait-and-see attitude today ahead of the ZEW survey tomorrow and, most importantly, the inflation report on Wednesday. 

• "Implied volatility on EUR/USD remains quite sluggish (1M vols below 5%) ahead of the European Central Bank meeting, signaling some reluctance in the market to see a major shift in policy stance just yet. EUR/USD may be trapped in a narrow range today, with the 1.1255 100-day moving average likely to be a solid support. As highlighted in the latest FX Talking, a dovish ECB may continue to keep EUR gains broadly capped ahead."