The Euro continues to be under pressure for the ^9th straight session. As headlines hit the wires about Greece and Spain market participants look to move away from the risk appetite assets send money flowing out of the Euro and into the U.S. dollar.

Playing the move Euro move

Two months ago to the yesterday market participants heard from the European Central Bank's President Draghi that he will defend the Euro and later announced a bond buying program. With member countries needing to formally ask for the bailout and Germany still resisting it’s unlikely to see much from the ECB at this time suggesting this could be good place to consider selling the Euro against the U.S. dollar (EUR/USD).

Tuesday's session's high fell short of the previous trading sessions open making this a logical place to consider a placing the protective stop order.

Wanting momentum to continue on side of the position consider looking at selling the EUR/USD at 1.2830 with a target a few pips above the psychological level of 1.2600.

The Euro’s Bottom Line:

Continue to look for pressure on the Euro as troubled countries are required to present budgets and as others such as Italy face the real possibility of needing help.

Those readers who do not have access to the FOREX market can consider participating by purchasing at the money (ATM) Put option in the Currency Shares Euro Trust (FXE, quote) ETF that seeks to track the price of the Euro, net of trust expenses. The fund seeks to reflect the price of the Euro. The sponsor believes that, for many investors, the shares represent a cost-effective investment relative to traditional means of investing in the foreign exchange market.

Note: FOREX trading and option trading have significant risk to traders and readers should consult their brokers.