Today's EUR volatility is a prime example of how the markets initial reaction of disappointment quickly turned into a strong belief that Draghi and company will get to act in the next interest rate announcement meeting on June 5th 2014. It's not the first time Draghi vocally tried to undermine Euro's strength, these tactics have worked in past and for sure it worked out this time too. The EURUSD was within 5 pips of testing the strongly supported resistance level of 1.40 before aggressively heading south to take out stop losses conveniently located below its first real support target of 1.3875. Next level of interest is 1.3775 level, where we could see some buying interest.