European Central Bank (ECB), unsettled markets all around globe, as it clearly under delivered, while promising to over deliver in prior communications.

This is the first time, ECB has under delivered on promises, so most traders, and hedge funds were caught off guard, leading to massive short covering In Euro, which was by end of day was up almost 3% against Dollar.

Euro has broken above short term resistances against almost all pairs, while investors just dumped equities all around the globe.

Even risk-averse currencies such as Yen, wasn't spared against Euro, despite all the risk-off selling in equities. Dollar is having its worst moments, since March this year, when FED communications had turned from hawkish to almost neutral.

Traders were just betting on ECB to do way more, somewhere around €500 billion of asset purchase, couple with greater than 10 basis points rate cut. Now, since they caught off-guard and a FED hike almost priced in for December, Euro might lack the catalyst for traders to push it down.

Key question on everybody's mind is whether this is pullback or beginning of a reversal.