EUR/USD Pair Retreats Amid Shifting Fed Sentiment and Dollar Strength

Following the slightly more hawkish remarks from the Fed compared to last week's dovish statements, which led to a strengthening dollar, the currency pair experienced a retreat. The initial support level appears to be around the 1.0740-1.0730 range. A retracement to this region could be perceived as a retest of a breached resistance and a breach of this region could push the price down to the 1.0690-1.0700 range. If the price fails to hold here as well, the daily trend support level at 1.0630 can be monitored as the third support. In case of an upward reversal, the first resistance encountered would be the 1.0755-1.0760 range, which contributed to the deepening of selling pressure following its breach yesterday. If this level is surpassed and momentum is gained, attention can be shifted to the 1.0810 resistance level once again. Above this level lies both the descending trend resistance and the upper channel band at 1.0840.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.0840	1.0810	1.0760	1.0730	1.0690	1.0630