Various ETFs reacted differently to the crisis. Most of the fear was, as we said above, centered on the PIIGS. But many funds were dragged down as the fear of a contagion effect took hold. iShares MSCI Sweden (NYSEArca: EWD), iShares MSCI Switzerland (NYSEArca: EWL) and iShares MSCI United Kingdom (NYSEArca: EWU) are the least off their long-term trend lines, down 8.5% at the most. [Positives and Negatives in France ETF.]

If you’re fearful or skeptical of this deal and the impact it may have and don’t want to take on single-country risk, a broader Europe ETF might be a better option for you. SPDR Dow Jones Euro STOXX 50 (NYSEArca: FEZ) and iShares MSCI EMU Index Fund (NYSEArca: EZU) are two such choices that give  more diversity. [The Case for Buying the Euro.]

And lastly, one area that really got beaten up in this move is the euro. CurrencyShares Euro Trust (NYSEArca: FXE) and WisdomTree Dreyfus Euro (NYSEArca: EU) are two ways to play any recovery witnessed in the weakened currency. On the flip side is a bearish dollar play with PowerShares DB U.S. Dollar Bearish (NYSEArca: UDN).

Whether today’s move has staying power remains to be seen, so keep your strategy firmly in place and wait for that trend line crossover before acting if you want exposure to the European economy.

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