Back Above $1.1800

EUR/USD prints 15 or so pips higher into London hours, hovering around the $1.1805 mark. This comes after the rate traded lower again Wednesday against a backdrop of broader USD strength and solidified the break of the Jul 2 low ($1.1808), tagging a low of $1.1782 in the process.

• The publication & press conference surrounding the findings of the ECB's strategy review headline the broader docket on Thursday, with the event announced late on Wednesday. The findings will hit at 13:00 CET (12:00 London), followed by a press conference hosted by President Christine Lagarde and Vice President Luis de Guindos at 14:30 CET (13:30 London). A BBG source report has suggested that "policy makers have agreed to raise their inflation goal to 2% and allow room to overshoot it when needed, according to officials familiar with the matter. The decision marks a significant change from the previous target of "below, but close to, 2%," which some policy makers felt was too vague."
• On top of the aforementioned ECB events we will also get the release of the accounts of the Bank's June meeting and comments from governing council member de Cos.
• From a technical perspective the outlook remains bearish, with focus on key support at the Mar 31 low ($1.1704). Conversely, initial resistance is seen at the Jul 6 ($1.1895), although key short-term resistance is defined at the Jun 25 high ($1.1975).
• Notable FX option expiries at today's 10AM NY cut include: $1.1685-00 (EUR1.3bn), & $1.1930-50 (EUR1.9bn), although they are some distance from current spot levels.