European Central Bank President Mario Draghi gave financial markets what they were hoping for when he announced, earlier Thursday, that the ECB will commence an asset-buying program initially valued at $1.3 trillion.

On Wednesday, the rumor floating around was that the ECB would purchase over $69 billion in bonds per month starting in March through the end of 2015. The ECB said it will buy Eurozone bonds until September 2016 while confirming it will reduce costs of long-term loans to banks.

The news was enough to send some Europe ETFs higher, primarily those of the currency hedged variety, such as the WisdomTree Europe Hedged Equity Fund (HEDJ) and the newly minted Deutsche X-trackers MSCI EMU Hedged Equity ETF (DBEZ) . [ETFs for ECB Action]

Although it is trading slightly lower today, the Direxion Daily FTSE Europe 3x Bull Shares (EURL) merits consideration by the risk-tolerant trader betting on a sustained upside for European equities.

Leading up to the ECB meeting, EURL was trending higher with the benefit of some positive technical momentum. For example, the ETF’s relative strength index (RSI) is sporting an upward trajectory coupled with positive signals from the MACD indicator.

In just the past week, EURL has surged 8.1%. Over the five-day period ending Wednesday, EURL’s average volume soared to 87.1% above the trailing 20-day average, according to Direxion data. That was the biggest jump in volume over that period for any leveraged Direxion ETF except for the Direxion Daily Gold Bull 3X Shares (BAR) .

EURL, which debuted in January 2014, attempts to deliver three times the daily performance of the FTSE Developed Europe Index. The FTSE Developed Europe Index is the underlying index for the wildly popular Vanguard FTSE Europe ETF (VGK) .

That is important fact for investors to remember because the FTSE Developed Europe Index is not a dedicated Eurozone index. Rather, that index features significant exposure to British, Nordic and Swiss equities. [Leveraged Europe ETF Moves Higher Ahead of ECB]