The ECB reassured the markets last week that they are going to keep the pressure on low inflation. They said nothing else matters to them. It's not surprised that this, combined with a strengthened dollar would make the Euro dive.
We are right now at a key position, and this week may be representative of the future path of the Euro this month. Looks like we are going to see a slow decline in the price of the Euro, should nothing in the economic scene change in the medium term.
If the Euro were to bounce from this strong support area and head upwards again, the ECB will probably act by introducing more aggressive measures, 1.4000 being the absolute maximum they are prepared to tolerate, according to statements made in May.