Looks like it might, to me. EUR/USD overshot the percentage decline in oil to the downside and overshot the recovery to the upside. IF we get bank in sync and oil stays range bound between $98 and 102, EUR/USD will likely thrash around withing 1.4000/1.4500 for the near-term.

Oil looks bearish to me, with the potential for another $15-20 of downside if we can takeout support just below $98. Perhaps EUR/USD will slide as well on risk-off sentiment.