S&P down 0.94% now

Stock are tumbling further with the S&P index now down 0.96% and the Nasdaq down -1.14%. The Dow is down -217 points or 1.17%.

The fall is leading to a rise in the EURUSD. The Pavlovian reaction at such times is to buy the EURUSD on the idea that funds borrowed in the EU and invested in the US will reverse those flows on a stock fall. That is the theory at least. We ARE seeing the pair test the NY session highs at 1.1358.

Further upside resistance comes against the high for the day at 1.1367 and the high from yesterday at 1.1397.

Note that the price for the pair is also trading away from the 100 bar MA on the 4-hour chart at the 1.1327. Admittedly, the sloppy trading post FOMC decision yesterday, has seen the market move above and below the moving average line -and above the "yellow line" that was a key support area at the beginning of the month. On March 20 and March 21, the price moved back above the level, but could not extend toward the month's highs.

Although the price action is sloppy, we have to give the benefit of the doubt to the buyers. Stay above the 100 bar MA and the yellow area and the bulls remain in control. Move below and there may be some rethinking.