EUR/USD made a wild U-turn and rose more than 300 pips in a matter of minutes, rallying from a low of 1.0821 to above 1.1100 as Draghi answer questions in the ECB presser. EUR/USD reacted negatively to the ECB decision to cut rates and increase the amount of bond purchases, but investors changed their mind and sent EUR/USD to its highest level in more than 3 weeks at 1.1115, as Draghi commented he does not anticipate the need to cut rates further. However, the pair has already retraced most of the rally and it was last trading at 1.1035, now 0.33% above its opening price. Draghi is still speaking so sudden moves could not be ruled out. For more information, read our latest forex news.