EUR/USD Technical Analysis: Minor bounce could be in the offing

• The falling wedge breakout on the 15-minute chart validates the defense of the 100-hour moving average and could produce a minor rally to 1.1763 (38.2% Fib R of 1.1815/1.1731).
• The ascending trendline, representing higher lows is intact, meaning the path of least resistance is on the higher side. A similar sentiment is echoed by the ascending 100-hour and 200-hour MAs.
• While a minor rally to 1.1763 is likely, big gains may not materialize as the treasury yields are on the rise. At press time, the 10-year yield is up two basis points at 3.095 percent.

15-min chart

Spot Rate: 1.1741

Daily High: 1.17559

Daily Low: 1.1731

Trend: Intraday bullish

Resistance

R1: 1.1763 (38.2% Fib R of 1.1815/1.1731)

R2: 1.1815 (previous day's high)

R3: 1.1852 (June 14 high)

Support

S1: 1.1724 (previous day's low)

S2: 1.17 (psychological level + psychological level)

S3: 1.1670 (50% Fib R of 1.1526/1.1815)

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