By actually intervening we gave the markets two signals: first, that even if the internal value of the euro is the only objective to which it puts a figure, the ECB is not indifferent to the euro’s exchange rate (and to demonstrate that, actions speak louder than words); also, it should be clear that this rate does not necessarily move in one direction only, that it is not a one-way trend.
Recently, the markets do seem to have become more realistic once again; they are no longer considering only the good news about the dollar and the bad news about the euro, as was the case at one time.