EUR/USD Support

As you can see, the defense of EUR/USD started several hours before the EU open in green.

ES saw some early movement to the upside, but nothing conclusive before the EU open, at that point the Euro had already broken north of 1.30, which is the key level.

I'm looking for cause and effect here, while it's not screaming on the charts, it does seem the defense of EUR $1.30 is what sent ES up in a fairly sharp trend higher, while the Euro was a bit choppier, but it was above the $1.30 level. I still don't buy the German Factory orders and Spanish bank news where what was behind the move higher. There was just too much bad news in Europe Sunday night, but as unlikely as it seemed last night, I did point out that increased volatility can create bigger swings, we are yet to see if that will materialize or if this is a one time wonder.