The EUR has moved considerably lower over the last 30 minutes as ECB President Draghi commented that “Euro Area growth risk continues to be on the downsideâ€. This “dovish†comment has brought the EUR sellers out en masse. 
The ECB President also said he expected inflation to dip below the 2% level in the medium term. This expected weakness in growth should continue through the first half of 2013. And contrary to what many thought he wouldn’t do, he warned that a high exchange rate would pose risks to inflation.
The EUR quickly fell through the 1.3500 support and after bouncing around 1.3480, fell again through that support level. At present it looks like the next support at 1.3450 will be tested.
