EUR/USD survived a 20 point swing to the downside in the S&P from a fresh trend high. The fact that prices were barely able to edge below modest intraday support around the 1.3060 level is a sign to me that the market is not particularly loaded to the gills with EUR/USD just yet.
Deflation fears from a formerly more-hawkish leaning member of the Federal Reserve Board helps provide some fundamental support for the euro as do broad-based commodity gains today which are helping offset dome of the drag of equity weakness.
EUR/USD trades now at 1.3080.