A WILD GUESS

If I had to take a guess at what we've been seeing intraday and based on some quick checks of charts, I'd say the Euro is getting ready to make another run at the major resistance zone that has separated bearish confirmation of price movement from a short squeeze.

This run may be getting ready to start soon, perhaps overnight, perhaps sooner. Of course a short squeeze in the Euro would drop the dollar and be bullish for the market.

The EUR/USD for reference, the blue trendline has been the downtrend since the May 1 top, the green line has been the uptrend since the June 4th bottom, the red trendline is the major resistance that I mentioned above.

FX trade since Sunday night's open at the green arrow.

 15 min Euro chart, at first glance it doesn't appear to be telling us anything new...

 A closer look at the intraday chart for today is telling us something as the 15 min is making a new leading high.

 Here's the 5 min that went positive earlier with the IWM/QQQ 5 min charts.

 Meanwhile the $USD isn't looking so hot on the same timeframe.

 The 30 min negative in the $USD and 30 min positive in the Euro have been obvious, but now we have a definitive 60 min negative on the $USD.

 The Euro for the first time is bleeding in to the 60 min chart with a leading positive divergence.