ECB to come up with EUR negative surprise?

EUR/USD gained almost a cent yesterday. There is skepticism in the market if ECB would be able to come up with a surprise tomorrow, which is Euro negative. 

Market participants are expecting the ECB to increase QE in volume terms, cut the depo rate further. This is likely to be priced into the current EUR levels.

"It matters more whether the ECB will manage to convince the market that it still has sufficient scope to act. To achieve that the ECB would have to extend the program to other asset classes as well as introducing more generous exemption rules for negative interest rates", says Commerzbank in a research note. 

The latter have been used in Switzerland to pass the negative interest rates on selectively to those clients that are assumed to have a low tendency to hold banknotes. This way the lower bound of interest rates can be pushed down.