Euro Action 5-14-10 Sarkozy rumor / almost '08 low tag day

Heavy buying of 1.2450-60s range 

Followed by another leg down, resistance diagonal break since late morning and rally:

 Internals heavily pointing down for indexes, ES_F "underperformed" USD/JPY (made lower lows when usd/jpy made higher lows) before the big move down:

EURO vs SPY long set up 12-9-09

Notice cum. tick turned positive right at the spot where SPY retraced while euro futures didn't... and upside from then on.