The Euro drops towards the 1.1300 support level as ECB's Draghi sent warning signals of a continuation in the Euro Zone's economic slowdown. During his ECB statement, Draghi pointed out that the current economic slowdown in the EU might continue as emerging markets remain vulnerable, financial markets volatile, and trade disputes remain in place. For today, Euro traders will continue to digest yesterday's ECB speech while also monitoring the results of today's German Ifo Business Climate Index.
The Euro drops towards the 1.1300 support level after breaking below the 13-period moving average. Currently, the momentum on the pair is bearish as prices are trending below all the three major moving averages. The next push lower will be confirmed if prices managed to break below the lower end of the current support level at 1.1266. The break below 1.1266 will pave the way for a drop towards 1.1230.
Support: 1.1266 / 1.1230
Resistance: 1.1340 / 1.1410