The Dollar surged to a two-year high against the euro following the hawkish Fed. As widely expected, the Fed cut its overnight borrowing rate by a quarter percent but sent a vague message to the markets about further cuts. Euro dipped to the lowest level since mid-May 2017. RSI plunged in an oversold area. The latest data showed an improvement in Eurozone manufacturing, with PMI reading higher at 46.5, but still holding in the contraction area. A second-quarter GDP also inched higher at 1.1%. The dollar rally is likely to continue weighing on the pair to the 1.1000 levels.