Euro ETF Close To Trouble

Is the U.S. dollar really getting stronger? The ETF Professor questions the long-term viability of such a proposition, but there may be some near-term weakness in the euro and the chart of the Currency Shares Euro Trust ETF (NYSE: FXE) shows a definite failure for the ETF at $150 corresponding to the underlying currency's failure at $1.50.

In fact, FXE has treading dangerously close to its long-term uptrend line and a break below that level could be a bearish sign. If you're feeling particularly bearish on the Euro, the Professor suggests the UltraShort Euro Proshares (NYSE: EUO), which attempts to deliver twice the inverse performance of the EUR/USD daily price change.

Wait for FXE to break to the $147.65 before getting bearish there and bullish on EUO.