Additionally, Brown Brothers Harriman & Co.’s Marc Chandler contended that the dollar strength will continue on the diverging monetary policies between the U.S. and Eurozone.

“We expect the market to refocus on the European ‘growth crisis’ in coming weeks, continuing to pull euro-dollar down,” analysts led by Brooks said in a note. “We continue to see risk-reward biased in favor of a stronger dollar.”

Currency traders who are looking to profit off weakness in the EUR ahead can utilize inverse euro-currency ETF options as well. For example, the ProShares Short Euro (NYSEArca: EUFX) provides 100% of the inverse or opposite return on the U.S. dollar price of the euro. The ProShares UltraShort Euro (NYSEArca: EUO) provides 200% of the inverse return of the U.S. dollar price of the euro. Lastly, the Market Vectors Double Short Euro ETN (NYSEArca: DRR) also provides a -200% exposure to the euro. Over the past week, EUFX rose 2.5%, EUO gained 5.1% and DRR increased 6.4%.

PowerShares DB U.S. Dollar Index Bullish Fund

For more information on the USD, visit our U.S. dollar category.