The price is back below what was trendline resistance connecting the July 2008 high to the November 2009 high. The trendline was broken in early April. Today, the level comes in at the 1.4257 level. With the price below this level now, the level now becomes upside resistance.
The EURUSD rallied sharply on the back of the S&P warning but has since reversed on the back of counter comments from Treasury officials and perhaps expectations that a more austerity minded US fiscal policy might slow global growth. So there is a flight into the dollar and the yen. Gold has pushed back higher in a rollercoaster session.