FXStreet (Córdoba) - Greenback rose across the board after the release of the Federal Reserve statement. The central bank, as expected, rose the Fed Funds rate by 25 basis points. EUR/USD initially dropped to 1.0885, but then bounced back above 1.0900. So far market reaction has been limited, with the US dollar rising at modest pace. Today, seven years ago the FED moved rates to the zero bound and today is the day when it starts the first tightening cycle since 2006. The decision was unanimous. “In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation”, said the FED. EUR/USD technical levels At the moment of writing the pair is trading at 1.0910, modestly lower for the day. From the highs that it reached before the FOMC decision it has fallen 60 pips. To the downside, immediate support might be seen at 1.0885 (daily low) and 1.0850 and 1.0775 (20-day MA). On the opposite direction, resistance might be seen at 1.0965 (daily high), 1.1000 (psychological level) and 1.1060 (100, 200-day MA). ------- What will 2016 bring to the Forex traders? Attend our Forex Forecast 2016 - The Panel with Ashraf Laidi, Valeria Bednarik, Boris Schlossberg, Adam Button, Ivan Delgado and Dale Pinkert. Register for the live event on Dec. 18th and get the recording too. ------- For more information, read our latest forex news.