EUR/USD: Will Mario Draghi cause the euro to drop? (Merrill Lynch)

Here are Merrill Lynch's expectations for tomorrow's ECB meeting.

"We expect Mario Draghi to point out that ECB forward guidance policy changes will be gradual and that rates will be raised only after the end of QE. Those expecting rate hikes at the end of this year may be disappointed.

We anticipate no major change in forward guidance this week.

Regarding the EUR/USD, we believe that the EUR/USD's cyclical rise is nearing its end and that the euro is vulnerable to dovish comments by Mario Draghi regarding the euro's sharp rise. The risk is that the governor expresses an agressive stance", says Merrill Lynch.