Additionally, Ian Stannard at Morgan Stanley contends that foreign investors a buying into European equities with a currency hedge also supported the euro. When equities decline, hedges require adjustment, which means greater euro demand.

Nevertheless, ECB’s quantitative easing program and loose monetary policy remain the predominant theme. Currency traders who are looking to profit off any potential 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 0.6%, EUO gained 1.2% and DRR increased 0.7%.

ProShares UltraShort FTSE Europe

For more information on the Eurozone, visit our Europe category.

Max Chen contributed to this article.