EUR/USD drops modestly after FOMC minutes

• US Dollar little changed after Fed releases FOMC minutes. 
• EUR/USD moves to 1.1700 initially but then turns lower. 

The EUR/USD pair rose to 1.1690 after the FOMC from the latest Fed’s meeting but quickly turned to the downside and dropped to 1.1675. The reaction so far has been limited in the market. 

The euro continues to consolidate gains versus the US dollar but remains far from the 3-week high it reached earlier today at 1.1720. 

The minutes showed a broad Support for gradual rate hikes amid a very strong economy. The yields curve and effects of tariffs were also debated at the meeting. 

EUR/USD Short-term technical levels

To the downside, support levels might be seen at 1.1675, 1.1650 (Jul 5 low) and 1.1630 (Jul 4 low). On the upside, resistance could be located at 1.1700, 1.1720 (Jul 5 high) and 1.1770.