With the dollar failing to benefit from yesterday's surprisingly hawkish Fed meeting, traders are confident that the only alternative is for the Euro to surge this morning after the ECB announcement, in which Draghi may (or may not) preannounce the end of QE. In fact, as Bloomberg's Vassilis Karamanis writes in his Cheat Sheet for how the Euro will react this morning, the FX strategist writes that " the euro may gain for the first time in six European Central Bank policy decision days even if President Mario Draghi steers clear of announcing a definite end-date to the institution’s asset-purchase program, trader positioning suggests."
Some more details from his relatively bullish EUR take:
That said, when everyone is confident that one thing will happen, don't be surprised to see the EUR tumble...
Finally, here is a big picture market reaction cheat sheet courtesy of ING.