EUR/USD rises to test daily highs after FOMC minutes

• EUR/USD rebounds to test daily highs as US dollar slides. 
• FOMC minutes: another rate hike likely appropriate soon. 

The EUR/USD pair moved to the upside after the release of the FOMC minutes of the last meeting. The euro rose back above 1.1600 and approached daily highs on the back of a slide of the US dollar across the board. 

At the meeting ended August 1, the Fed left interest rates unchanged as expected. According to the minutes o the meeting, members saw trade, housing and emerging markets as downside risks for growth. Many of the members considered another rate hike likely appropriate soon. The next meeting will be Sep 25/26. 

EUR/USD rose from 1.1585 to 1.1616 after the minutes. The positive tone was intact so a test of daily highs at 1.1621 was likely. The pair is headed to the fifth daily gain in a row. 

Short-term Technical levels 

To the downside, support levels might be located at 1.1550, 1.1490 and 1.1430/35 (Aug 13 & 14 low). On the upside, resistance could be seen at 1.1605, 1.1625 (Aug 22 high), 1.1660 (downtrend line) and 1.1690.