FXstreet.com (Barcelona) - Following the Fed's announcement, the EUR/USD shot through the 1.31 resistance and rallied to the 1.35 resistance, the highest level since January.

The pair surged on improved risk appetite as the Fed's move will make the debt deflation and deleveraging a less painful process. The EUR/USD has made a double bottom in the 1.24-1.25 area and broken the resistance from the recent downtrend.

However, the pair is getting overbought, indicating a possible consolidation before moving higher, said Hans Nilsson, analyst at CMS Forex. There are support in the 1.30-area and resistance in the 1.35-area.