Rate tests a lower trendline

The US 10 year yield is currently trading at 1.5791. That's down 2.2 basis points on the day. The low reached 1.5774%. 

Looking at the hourly chart above, the move to the low has the instrument testing its lower trendline.  A move below would have traders targeting the 61.8% retracement of the May trading range near 1.568%.

The high yield reached 1.705% on May 13.

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