The yield on the German 10-year Bund jumped above 1.74% - a level not seen since early 2014 after ECB President Lagarde reassured today that the central bank is committed to hike interest rates twice this summer. Also traders digest the results of French elections, in which President Macron lost his absolute majority in the lower-house National Assembly although his alliance remained the largest bloc.
BUND10Y fell sharply since the beginning of 2022 and if current sentiment prevails recent lows at 141.00 may be at risk. Should break lower occur, downward move may accelerate towards next support at 136.75 which is marked with previous price reactions and 61.8% Fibonacci retracement of the upward wave launched in 2008. Source: xStation5
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