EUR/USD dips to lows near 1.1120

The single currency is now accelerating its bearish note on Thursday, with EUR/USD falling further towards the 1.1120 area.

EUR/USD lower post-BoE

The pair is dropping to weekly lows in the 1.1130/20 band following a continuation of the buying interest around the greenback and despite the needle-like spike in EUR/GBP after the BoE cut its benchmark rate by 25 bp and increased its Asset Purchase Facility by £60 billion.

Later in the NA session, US Initial Claims and Factory Orders will be in the limelight in the US calendar.

EUR/USD levels to watch

The pair is now losing 0.24% at 1.1122 facing the initial support at 1.1079 (200-day sma) ahead of 1.0950 (low Jul.25) and then 1.0913 (post-Brexit low Jun.24). On the other hand, a break above 1.1233 (high Aug.2) would open the door to 1.1235 (100-day sma) and then 1.1285 (base of the 8-month rising channel).