- EUR / USD loses ground and visits yearly lows around 1.1430.
- The 10-year German Bund yields seek to extend the recent rebound.
- Eurozone industrial production and Michigan consumer confidence stand out in today’s economic calendar.
There is no respite from the selling pressure around the common currency so far this week.
EUR / USD weaker, dollar remains firm
The EUR / USD loses ground for the third day in a row on Friday, as the rally in the US dollar shows no signs of exhaustion at the moment.
In fact, the pair extends the breakout of the 1.1500 level and reaches new annual lows, at levels last seen in July 2020 around 1.1430, always backed by the strength in the dollar.
It is worth remembering that sentiment around the USD improved markedly after the release of US inflation figures for the month of October on Wednesday, pushing higher yields and presenting a possible rise in interest rates by the Fed.
As for the data in the eurozone, industrial production in the region stands out on today’s economic calendar alongside the speech by ECB board member Patrick Lane. On the other side of the Atlantic, Michigan’s premium consumer sentiment index will be the center of attention.
EUR / USD levels
At the time of writing, the EUR / USD pair is down 0.01% on the day, trading at 1.1448. The next resistance is at 1.1583 (20-day SMA), followed by 1.1609 (November 9 high) and 1.1616 (November 4 high). On the other hand, a break below 1.1436 (2021 low), would head to 1.1422 (June 2020 high) en route to 1.1300 (round level).
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