EUR/USD hits fresh highs near 1.1800 after Fed raises rates

• Fed raises rates as expected to 1.25-1.50%. 
• US dollar drops after announcement. 
• EUR/USD climbs toward 1.1800

The EUR/USD pair moved further to the upside following the release of the FOMC decision. The pair printed a fresh daily high at 1.1794 but then pulled back. So far the market impact has been limited with the initials moved partially reversed minutes after. 

The US central bank, rose the Fed Fund rates to 1.25-1.50% as expected. Two members (Evans and Kashkari) voted against the decision. According to the projections, the Fed expects three rate hikes during 2018 in line with market consensus. The rest of the projections were little changed compared to the numbers presented back in September. Overall not a “hawkish” scenario, so the greenback lost momentum. Now traders await Janet Yellen’s press conference. 

Technical levels 

To the upside, the FXStreet's technical confluence indicator shows resistance levels at 1.1815, 1.1835 and 1.1870. On the downside, supports might be seen at 1.1760 (Dec 11 low), 1.1730 (Dec 13 low) and 1.1715 (Dec 12 low).