A 3% pullback this week in an exchange traded fund tracking the euro’s movement relative to the dollar has dragged the fund near its 50-day moving average. Traders will be watching Monday to see if the level holds.

Dovish comments from European Central Bank President Jean-Claude Trichet this week knocked the euro. [Euro ETF Falls on Trichet Remarks.]

On Friday, rumors that Greece was existing the euro zone also hurt the currency heading into the weekend.

CurrencyShares Euro Trust (NYSEArca: FXE) lost more than 1% on Friday.

The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. 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.