Does the EUR/USD really care about the prospect of an ECB rate cut today?

Following an earlier update this morning noting the price action in the EUR/USD so far this week, there was no mention of the ECB policy meeting later today. Well, perhaps there should have been and there is some focus on that now. The European Central Bank (ECB) is widely expected to lower its three benchmark rates at 1.15pm GMT today. The consensus is for another 0.25% reduction, taking the refinancing rate down to 2.65% from 2.90%. Perhaps in a different world the EUR/USD would not be where it is right now, with that prospect looming later today? Arguably that would surely be the case, but with the Euro at the current levels, that also affords the ECB the opportunity to act again later today. What will be more than interesting to see, will be the reaction to any cut when it comes. The EUR/USD currently looks like it will absorb another rate reduction. At the same time we should not rule out a dip on such action. How it reacts thereafter will be the acid test to the current rebound trend and how dynamic that is right now. The EUR/USD is currently trading at 1.0805