EUR/USD

This pair generally moves with the market, but it has been dislocated pretty badly which s not good for underlying strength in the market, the assets that are correlated with the market that give it strength or tell us that price is weaker than it appears.

The pair just crossed under the $1.30 level, I suspect that there's a line in the sand there and perhaps the ECB's invisible hand will step in and support the Euro, this would also lend some short term support to the market which we are looking for right now any way.

 This is the Euro in ornage vs the SPX in green, at the green arrow the Euro and the SPX are moving in their normal correlation, one in which the Euro supports the market, in the red box the Euro fell out with the SPX and the $USD gained strength, this puts bearish pressure on the SPX/market and as you can see the upward Rate of Change fell off badly as momentum was sapped from the market, this being one of the reasons.

 Here's the Euro and SPX intraday today, again the Euro fell quite a bit, maybe a bit too far.

If I were an FX trader, I;d be considering EUR/USD long right now as I don't think they'll let sub-$1.30 prices stand without support.

 Here's the 5 min 3C chart if the EUR/USD, note the bad negative divergence and the sharp fall, it's below $1.30 right now.

The shorter 1 min chart shows a positive divergence, this could build, it could just be support, perhaps just enough to take back $1.30, but I'd be more willing to bet on the Euro in the short term right now thn against it, this should also help market momentum to the upside intraday as we have been looking for and as started not too long ago.