EUR/USD Tests Resistance After FOMC, Eyes 1.08 for Upside Break

After breaking the resistance at 1.0770 last Friday, the EUR/USD pair rallied up to the range of 1.0800-1.0810, which is supported by the 200-day moving average and the 0.38 correction level. However, it encountered some selling pressure at this point, in line with expectations. The next key support level to watch for the continuation of the upward movement is around 1.0730. Any pullback towards this level can be seen as a correction of the rally following last week's FOMC press conference. Further downward movement below this point may lead to support at 1.0700-1.0710. Breaking below this region could open the way to the last support level at 1.0665-1.0675, indicating a deeper correction. 

On the upside, the range of 1.0800-1.0810 remains important as it has not been breached yet. If sustained above this level, the first resistance could be at 1.0840. However, the major resistance level is likely to be around 1.0870, which coincides with the 0.5 correction level from the decline since 1.1100 and acts as a horizontal resistance.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.0870	1.0840	1.0810	1.0730	1.0700	1.0670