It is too early to say that EUR/USD has broken its link with equities but it does appear to be struggling as US shares race higher. The S&P is up 4% after the PPIP was unvieled and existing home sales rebounded, surprisingly. EUR/USD is off session lows but in the lower end of the daily range, suggesting that the rally may be tired, at a minimum.
Today’s close will be closely watched; if it is below the 1.3515 level will be particularly bearish forEUR/USD as it would be an outside day key reversal.