The European Union has put in place a whopping $1 trillion rescue package to stave off a widespread crisis in the eurozone and save the beleaguered euro currency. All is well and the euro exchange traded funds (ETFs) are now making a comeback…right?

Not so fast. In fact, euro-focused ETFs after rallying slightly yesterday have resumed their decline today on doubts that the eurozone won’t actually be able to contain its debt crisis. The primary concern is whether the weaker economies in the union can deliver big debt cuts.

Alexander Green for Investment U also believes the euro may have further to fall. Around five months ago, Green predicted an appreciating dollar against the euro while most staunchly believed that the weaker dollar was “the ultimate no-brainer.”

The eurozone will likely see strong opposition from both the weaker states who don’t like others dictating their economic policies and stronger states who don’t like spending billions to bail out wanton spenders. [Europe ETFs Get Socked by Greece Crisis.]

When the euro came out in 1999, skeptics believed that the member states were too disparate to share a single currency and monetary policy, and the euro traded under $0.90 as currency traders doubted the viability of the new currency. Today, we are seeing that the problems first thought up back in 1999 are playing out just as the skeptics thought.

Green believes that the euro will continue its downward spiral to $1.10 by he end of the year and trade at parity with the U.S. dollar next year. [U.S. Dollar ETF Has Its Moment in the Sun.]