We have been short EURUSD for a while and yesterday's FED meeting where Powell announced a 25bps rate cut but indicated there would be no further cuts led to EURUSD dropping from 1.116 to 1.104. This is because the EU is looking to cut rates and embark on quantitative easing due to the weakness in the Eurozone economy. Therefore we are holding our short position and now expect the currency pair to hit levels not seen since 2017 below 1.05 in the coming months. However, we will start taking profit from 1.09 as we await further developments in particular US data releases starting with ISM manufacturing today and non farm payrolls tomorrow.