EURUSD has dropped below long term support at 1.175 on the back of the FOMC minutes yesterday which indicated that the FED will scale back on it's bond purchases later this year. This is earlier than previously expected by the market and has led to EURUSD to continue it's downward momentum which has seen the 20 day MA fall below the 50 day MA and the 50 day MA fall below the 100 day MA in recent weeks. We expect EURUSD to continue moving lower whilst prices remain below 1.175 unless there is a significant change in FED rhetoric due to developments with the covid delta variant or unexpected data releases. We await key data releases next week including US Q2 GDP growth rate and US durable goods orders for any significant price action.