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German 10 year yield bounces off the 61.8% retracement

  • Yield reached the lowest level since April 11

The benchmark 10 year yields in Europe today saw yields mixed. Italy and French yields are modestly lower while German, UK and Spain yields rose.

European benchmark 10 year yields

The German 10 year yield moved to the lowest level since April 11 at 0.678% before rotating back to the upside.

The yield since the June 16 peak at 1.926% has seen the price decline to a low point today at 0.678%. That move of 125 basis points occurred in 33 trading days.

At the session low today, the price tested the 61.8% retracement of the move up from the March low to the June high. That level comes in at 0.673%. Buyers leaned and pushed the yield back higher. Last week, the yield fell below its 100 day moving average for the 1st time since December 2021. Ultimately, it would take a move back above the 100 day moving average to tilt the technical bias more in the upward direction once again.

German 10 year yield bounces off of retracement support

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