Extended weakness in the euro and any rebound for the dollar could renew the allure of ETFs such as the Deutsche X-Trackers MSCI Europe Hedged Equity ETF (NYSEArca: DBEU) and the iShares Currency Hedged MSCI EMU ETF (NYSEArca: HEZU).

Related: International ETFs: Currency Story Hasn’t Changed

Todd Gordon, founder of TradingAnalysis.com tells CNBC “FXE has traded in a tight range for most of 2015 and through this year, and believes that the ETF will fall back to the lower part of this range, at about $103.”

Should monetary policy in the U.S. surprise, further diverging from the ECB and the Fed hikes rates, the exchange value of the U.S. dollar will strengthen, or foreign currencies will depreciate relative to the greenback.

For more information on hedged options, visit our currency hedged ETFs category.

CurrencyShares Euro Currency Trust (NYSEArca: FXE)