EUR/USD was trading on a tight range awaiting the ECB Press Conference this morning. As the optimistic soundbites started emerging the EUR recovered some lost ground.
ECB President Mario Draghi turned around the EUR trend by emphasizing the positive effects of the LTRO program. Draghi also commented that he sees a drop in volatility indicators as more countries make progress on fiscal consolidation.
Draghi reiterated the confidence in two of the main contributors to currency volatility. The ECB president praised Spain and Italy as they are on a good path
Here is a snapshot of OANDA client positions