Despite EURUSD moving up from $1.10262 to $1.125 we are still short and have taken the opportunity to increase our short position above $1.12. This is because the US economy we believe is much stronger than the Eurozone economy and despite the 25 bps FED rate cut and Trump calling for additional rate cuts we don't believe the FED will cut further this year whilst the EU are looking to cut rates and add further stimulus. Furthermore the relatively weak RSI and volume of the most recent move reinforces our short stance but we would not want to see the market move past the Fibonacci resistance level close to $1.126.