• The EUR /USD pair dipped in the late US session on Wednesday as dollar strengthened across the board after the Federal Reserve as expected raised interest rates by a quarter point and pared its 2017 inflation view.
   
• The decision lifted the U.S. central bank's benchmark lending rate by a quarter percentage point to a target range of 1.00 percent to 1.25 percent as it proceeds with its first tightening cycle in more than a decade.
   
• The U.S. central bank cited continued U.S. economic growth and job market strength, as it proceeds with its first tightening cycle in more than a decade. The Fed also announced it would begin cutting its holdings of bonds and other securities this year.
   
• U.S. dollar rose after the Fed announcement, while the euro reversed its earlier gains.
   
• The ongoing weakness is set to continue for this pair as the resistance level at 1.1300 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
   
• To the upside, the immediate resistance can be seen at 1.1254, a break above this level would expose the pair to next resistance level at 1.1284.
   
• To the downside, immediate support can be seen at 1.1206, a break below at this level will open the door towards next level at 1.1183.
  
  Resistance Levels
  
  R1:  1.1254 (50% Retracement level)       
  
  R2: 1.1284 (June 6th high)             
  
  R3: 1.1300 (61.8% Retracement level)
  
  Support Levels
  
  S1: 1.1206 (38.2% Retracement level)                    
  
  S2:  1.1183 (June 13th lows)
  
  S3: 1.1164 (23.6% Retracement level)