Perhaps one of the reasons the euro is holding up so well is that there are so many speculators like myself betting against it that it has become the contrarian play. After all why would anyone want to own a currency that is the daily speculation of whether it will survive? Wouldn’t it be much easier to just sell your euros for dollars. This is the nature of bear markets. They are very subject to vicious bear market rallies that test the resolve and conviction of the holder. In that sense owning put options on the FXE or call options on the EUR might be more palatable ways for others to make that bet. It could be a binary bet, all or nothing. There is no doubt though in my mind, that over time, the euro should weaken. Any currency with this much consternation and doubt around it can only weaken.