Based on the correlation of Euro and SPY, in the 10 year daily chart below, the equity market is clearly at it's resistance. Recently, If the dollar gets strong, seems equities are hard to get strong.
Livermore said, mkt tend to go to least risistant way (mentally). Keep that in mind may help us understand the possible mkt behavior. Up or Down, YMYD.
It doesn't make sense to chart FXE*SPY. If the objective is to look at SPY in constant Euro term, then one should graph SPY/FXE. I just don't quite get what FXE*SPY represent.