EUR/USD rises to 1.1700 after Fed leaves rates unchanged

The US dollar lost ground across the board after the Federal Reserve decided to leave rates unchanged as expected. EUR/USD moved to the upside and rose from 1.1630 to 1.1699, hitting a fresh daily high. The pair remains near daily highs, as the US dollar weakens. 

The US central bank left interest rate at the 1.00-1.25% range as expected. In the statement, the Fed said that it expects to begin the normalization of the balance sheet “relatively soon”. 

The greenback lost ground across the board, even against emerging market currencies. US bond recovered ground. Equity price rose modestly after the statement with the Dow Jones moving back above 21,700. 

Technical levels 

To the upside, resistance levels might lie at 1.1712 (2017 high), 1.1755 (Jan 8 2015 low) and 1.1800 (psychological level). On the flip side, support could be seen at 1.1610 (daily low), 1.1580 (Jul 18 high) and 1.1565 (10-day sma).