We investigate the interannual variability over 2003-2008 of different hydrological parameters in the Amazon river basin: (1) vertically-integrated water storage from the GRACE space gravimetry mission, (2) surface water level of the Amazon River and its tributaries from in situ gauge stations, and (3) precipitation. We analyze the spatio-temporal evolution of total water storage from GRACE and in situ river level along the Amazon River and its main tributaries and note significant differences between the various parts of the basin. We also perform an Empirical Orthogonal Decomposition of total water storage, river level and precipitation over the whole basin. We find that the 2003-2008 period, is characterized by two major hydrological events: a temporary drought in late 2005 that affected the western and central parts of the basin and very wet conditions peaking in mid-2006, in the eastern, northern and southern regions of the basin. Derivative of basin-average water storage from GRACE is shown to be highly correlated with the Southern Oscillation Index (a proxy of ENSO -- El Nino-Southern Oscillation), confirming that the spatio-temporal change in hydrology of the Amazon basin is at least partly driven by the ENSO phenomenon, as noticed in previous studies.