A look at the Dollar and Euro

First the currency pair, EUR/USD

 The EUR/USD since the 4 p.m. close yesterday (at the red arrow).

Compared to the trend over the last 10 days or so, this is a relatively flat area in which a reversal could be staged from, the only other time we saw such an area was right below $1.30 and I suspect it was in anticipation of perhaps China defending the $1.30 area as someone has been doing (since China has announced they have pretty much given up on Europe and are looking to Africa for new opportunities).

On a daily chart, the defense of the $1.30 area, someone had been supporting it, I suspected China as the EU is their biggest trading partner and if the Euro drops, Chinese exports become more expensive for Europeans. Given China's recent revelation, I think it probably was China defending $1.30 and as they have announced last week, they've given up on Europe so why defend $1.30 with additional investments?

A closer look at the Euro this morning and the dip on the ECB/Greek news, it hasn't been very severe compared to the implications, in fact it barely broke the uptrend.

As for 3C...

 The Euro (FXE) 1 min trend is clearly positive

 As for today, we see the positive divergence or accumulation in FXE/Euro yesterday afternoon, then a leading positive move with the Euro higher on the open, a negative divergence around the time the ECB/Greek news came out and 3C held up well in to the reaction with a small relative divergence, but even a small positive divergence there is important considering the initial downside volatility on a 1 min chart, now we have a bit of a leading positive divergence.

 The Euro (FXE) 2 min trend is the same, in fact the recent leading is even stronger.

 The Euro 2 min chart close up shows the afternoon positive divergence (now confirmed as UUP Call selling-seeing a positive divergence in the Euro would be natural. The 2 min chart is leading positive today in to the ECB news. These are short term charts, but the move has to start somewhere and it's a new move.

 the $USD (UUP) 1 min trend is clearly the opposite of the Euro's-down.

 A closer look shows 3C moving in line with UP, but in a leading negative position. 3C is making lower highs as UUP makes higher highs-a negative divergence.

 UUP 2 min trend, this is pretty clear.

 A closer look at UUP today on the 2 min chart, there's a negative divergence in to the gains on the ECB news and it's leading negative.

I'm just going to throw this out there as it seems the full story hasn't been revealed, but...

At 2 p.m. today the F_O_M_C minutes from the last meeting 3 weeks ago are due to be released, they will contain additional information that was not in the policy statement. What if the ECB news is just a red herring and it's really the F_O_M_C minutes that are the catalyst?