Credit Agricole CIB Research argues that the ECB could announce a QE-taper as soon as tomorrow but they may defer the announcement of any details until later in the year.

"Uncertainty around the QE taper announcement this week, combined with heightened market expectations and the release of updated staff forecasts, suggest scope for market moves," CACIB adds.

"Any deliberate vagueness in the ECB's message, as well as more aggressive jawboning of EUR by the President, could keep the single currency under pressure in the near-term. That said, EUR should remain a buy on dips, targeting 1.25 in EUR/USD over the long-term," CACIB advises.

Thanks to the folks at eFX

for this ahead of the European Central Bank today!