As you can see from the chart, traders took out the stops above 1.40 level and then the bottom fell out after ECB President Jean- Claude Trichet said he supports a “strong dollar” and opposes “disorderly” shifts in global exchange rates. Personally, I think this would have happen anyway ahead tomorrow's U.S. non-farm jobs report. Traders would have taken money off the table ahead of a major economic report, there just happen to be a press conference after the ECB's policy meeting today. Will this last more than a day, well that depends on the jobs numbers tomorrow. Here is the Bloomberg report with Trichet's comments.
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