The Euro futures sold down to 1.2144 over the nite session, then today moved up nicely.  Can’t interpret this to be more than short covering.  But short covering rallies can be dramatic.
1.2274 started a small retracement rally to 1.2674. Need a trade thru 1.2855 on the weekly.

The S&P reacts to the Euro trading.

Technically, we are still in the long term monthly uptrend to 1342, until a trade below the 1019 level and then a 895 target.
inside that uptrend, the weekly has been in the sell trade from 1047 and the daily from 1190.

the downside target of 1043 remains for both the weekly and daily cycles.

todays low of 1098.75 was near the shorter cycle target of 1096, the next down side target is 1080.
a daily cycle retracement would be started with a trade above 1128, the next up target is 1158.
Time pressure is up til May 27th, then turns down thru Jun 21st.

Intraday– the time pressures are up. the intra-day trade pressures have turned up.
so, an intraday trade above 1119 might spark a small rally to the 1140.