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The US reported a gain of no less than 288K jobs in June and the unemployment dropped to 6.1%. And no, the participation rate did not fall. This excellent report sent the dollar higher across the board, and the euro was also hit.

Yet while some currencies such as the pound stabilized, the euro continues losing  ground and is now approaching low support. Draghi is adding his weight.

1.3585  was the bottom of the range seen in June. The pair fell from the top of the 1.3585 to 1.3650 range down to as low as 1.3595. So far, support is holding,.

EURUSD July 3 2014 falling on ECB NFP technical chart

Mario Draghi did not provide any news in terms of monetary policy but did reiterate that rates will stay low for a long time and that there are downside risks to the economy.

Regarding the exchange rate, Draghi says they are watching EUR/USD with “great attention”.

For more levels, events and analysis, see the EUR to USD prediction.