On our EURUSD analysis on the 18.06 we indicated that we had taken profit below 1.12 and were awaiting the FOMC meeting. The currency pair spiked above the 1.3315 Fibonacci level on the back of a dovish U.S Federal Reserve which opened the door to further rate cuts. As a result we have increased our short position as we believe that long term EURUSD will fall on the back of additional ECB stimulus and that the US economy will perform better than the Eurozone economy in particular due to the worsening Italian economic situation.