EUR/USD and equities have both run into a “sell the rallies” mentality so far this morning. After the Case Shiller data we had a short-term pop but prices have quickly given up those gains and EUR/USD is back to the 1.4850s. If equities continue south, look for the EUR/USD to make a run through the 1.4845/50 stop-loss sell orders and test 1.4825/30.