Euro Exchange Rate Today + ECB Press Conference LIVE: Will Draghi try and talk the EUR lower at today's conference?

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As we approach the mid-day event at the ECB we see the euro dollar exchange rate is absolutely flat on a day-to-day comparison. EUR/USD is quoted at 1.3512 at 11:11 GMT.

The euro pound sterling exchange rate is meanwhile flat at 0.8403.

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Will the ECB President try and talk the value of the euro lower?

Concerns have grown over recent quarters of the adverse impact the value of the Euro has had on the ability of the Eurozone's corporate sector to escape the recession.

ECB President Mario Draghi may "try to talk down the currency as the high EUR/USD exchange rate has become a key source of concern for the corporate sector," warns Boris Schlossberg at BK Asset Management in a note to clients today.

"This earnings season, CEO after CEO of European companies, blamed weaker than expected results on the spike in exchange rates," says Schlossberg.

Schlossberg points out that the ECB has actually been in a stealth tightening mode as it pared down its balance sheet while the other G-4 central banks have been steadily expanding theirs.

"Therefore it is quite likely that Mr. Draghi could hint that the ECB will expand and extend the LTRO program - which has been the bank's favored way to add stimulus to the economy."

Outlook for the euro exchange rate

"From a currency point of view, the market is expecting a clear signal that the Bank is ready to take decisive action to fight too low inflation and guarantee ample liquidity. A rate cut should be enough to trigger a new down-leg in EUR/USD. The ECB stopping the sterilisation of its bond buying program would be an even stronger signal as markets would consider it as the ECB coming closer to outright QE," says Piet Lammens at KBC Markets.

ECB event risk aside, what are the charts telling us about the future direction of the Euro?

Commenting on the euro dollar exchange rate is Emmanuel Ng at OCBC Bank, "Pending the ECB meeting later today, expect the EUR-USD to remain anchored around the 55-day MA (1.3486) and 1.3500 area. We think the risk-reward may continue to favor downside tests for the pair in the interim given the dovish baggage attached to the ECB."

Gareth Berry at UBS says: "The pair is recovering and unwinding the recent sharp sell-off, with resistance at 1.3591. Strong support is at 1.3421."

With regards to the euro pound rate Berry says, "the recent sell-off has seen the MACD cross below its zero line, this is a bearish condition. The next major support focus is at 0.8333. Resistance is at 0.8477."