There is no official price drop, but you can buy a X1 for about 330€ (Fifa 15 inclusive) at several retailers in Germany. So an official pricecut to 350€ doens't make much sense, because nearly nobody here buys it for 400€. The X1 is on the edge to death in Europe (not UK), so I don't think they will push more money into it. Just selling them without further effort may be their strategie.
To the comment with the weak €: The € is still stronger than the $, so with 350€ versus 350$ they still would make some extra profit, right? (Shipping costs can't be that high per console)
VAT is included in Europe, Sales tax not in USA. With the Euro - Dollar exchange rate at 1.15, 350€ (minus VAT) is less money than 350$