Euro just made a strong move...

This question about the Euro/USD has been nagging all week since we first saw negative divergences in the dollar and positive in the Euro, that was WHILE the Euro was still dropping. This is part of the reason I continue to hold short term long specs, although I'm happy with my GOOG short as well.

What will the market do with this?

 A nice breakout move in the Euro...

The Euro(red) vs the SPY- what will the SPX do with this market positive move in the Euro? I suppose that depends on who is the largest holder of Puts today.