The vaunted E.U. summit this week ended is disappointment for watchers. Of the two firm things that came out of the summit, it’s questionable whether either will support euro exchange traded funds (ETFs).

Europe’s high officials have undertaken Herculean measures to stay afloat and prevent a breakup, among the 16 country currency that is binding them together-the euro. Eva Szalay for The Wall Street Journal reports that the currency has gained more than 2% against the dollar since the beginning of the month, trading as high as $1.35 Tuesday. [Europe ETFs: Are They A Buying Opportunity?]

The European Union crafted a plan to save the currency:

Although the euro has benefited recently from a number of factors – relatively quiet bond markets, a weaker dollar and a lack of rate increases in China (so far) – it may not be seeing a turnaround anytime soon, says Bryan Rich for Money and Markets. [Play the Currency Wars With ETFs.]

The lack of a firm resolution to solve the debt crisis and keep the euro on solid ground won’t do much to inspire confidence. Until the European Union gets some firm, detailed plans in place, euro ETFs like WisdomTree Dreyfus Euro (NYSEArca: EU) and CurrencyShares Euro Trust (NYSEArca: FXE) might feel some pain in the short-term. Both, in fact, are less than 1% above their long-term trend lines after recent downward moves.

Read the disclaimer; Tom Lydon is a board member of Rydex|SGI.

Tisha Guerrero contributed to this article.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Mr. Lydon serves as an independent trustee of certain mutual funds and ETFs that are managed by Guggenheim Investments; however, any opinions or forecasts expressed herein are solely those of Mr. Lydon and not those of Guggenheim Funds, Guggenheim Investments, Guggenheim Specialized Products, LLC or any of their affiliates. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.