The Euro continued its drop on Friday following the strong rejection of the 1.1550 level. The Euro rejected the 1.1500 following the ECB's bearish tone which was emphasized in the release of its meeting minutes. Additionally, the Single currency is being pressured lower by growing uncertainty regarding the future state of the political scene in France. For today, the currency will continue to be driven by investor sentiment surrounding the future of the Euro zone's economic sustainability and political stability.
The Euro breaks below the 13-period moving average and drops towards the 50-period moving average signaling a potential shift in the momentum of the pair. Further downside will be confirmed if prices break below the 50-period moving average (yellow) at the 1.1451 mark. The break below this level will pave the way for a drop towards the 200-period moving average and the next support level at 1.1410.
Support: 1.1451 / 1.1410
Resistance: 1.1500 / 1.1572