* Euro EUR= at 2-month high of $1.3723 versus dollar * Diverging euro zone, U.S. rate views boost common currency * Technical resistance in focus around $1.3740 * FOMC expected to keep policy accommodative (Adds quote, detail, updates prices) By Neal Armstrong LONDON, Jan 26 (Reuters) - The euro hit a two-month high versus the dollar on Wednesday on perceptions that interest rates will rise sooner in the euro zone than in the U.S., taking out option barriers on the way and approaching key resistance. The dollar hit a 10-week low against a basket of currencies with the market looking for confirmation from the Federal Reserve later in the day that its focus remains on supporting growth. The belief that the Fed will stick to a much easier policy than the European Central Bank, which is growing worried about inflation, has helped the euro to extend its recovery after a two-month drubbing on worries over euro zone debt. But the euro's rally was still on shaky ground. "Most of this euro rally seems to be driven by speculators with no major structural inflows coming into the euro zone," said Manuel Oliveri, currency strategist at UBS in Zurich. "While this is the case we think the current picture for the euro is not sustainable unless growth outside of Germany starts to improve." Recent bullish data has bolstered expectations Germany's strong run will continue, while peripheral nations like Ireland, Greece and Portugal are being held back as they struggle with a sovereign debt crisis. The euro EUR= rose to $1.3723 on trading platform EBS, its highest since November 22. Traders said a large option barrier was taken out at $1.3720 with more barriers highlighted at $1.3750. Stop-losses were reportedly lurking above the latter level. It was last trading steady around $1.3700. The euro stalled ahead of a key technical level around $1.3740, the 61.8 percent retracement of its fall from November to January. Beyond that, its Nov. 22 high of $1.3786 is seen as a major target.

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