EUR/USD drops further to new daily lows around 1.1620

• EUR/USD accelerates losses to the 1.1620 region.
• US Core PCE rose 3.6% YoY, headline PCE gained 4.4% YoY.
• US Consumer Sentiment comes next in the docket.

The selling pressure around the single currency now picks up extra pace and forces EUR/USD to recede to the 1.1620 zone, or new daily lows.

EUR/USD met resistance near 1.1690

EUR/USD sinks into the negative territory at the end of the week pari passu with the quick rebound in the greenback.

Indeed, the buck gathers extra steam and manages well to leave behind the recent area of multi-week lows around 93.30 (October 28) sustained by the profit taking sentiment in the risk complex and higher US yields.

In Germany, yields of the 10y benchmark Bund advanced to fresh multi-day highs around -0.08%.

In the docket, US inflation figures tracked by the headline PCE rose at an annualized 4.4% and 3.6% when it comes to the Core PCE (excluded food and energy costs). Further US data witnessed Personal Spending expanding 0.6% MoM in September and Personal Income contracting 1.0% inter-month. Later in the session, the final October Consumer Sentiment will close the weekly calendar.

EUR/USD levels to watch

So far, spot is losing 0.46% at 1.1623 and faces the next up barrier at 1.1692 (monthly high Oct.28) followed by 1.1698 (55-day SMA) and finally 1.1755 (weekly high Sep.22). On the other hand, a break below 1.1582 (weekly low Oct.28) would target 1.1571 (low Oct.18) en route to 1.1524 (2021 low Oct.12).