This story was written prior to the announcement from the European Union that it had put together a $1 trillion package to contain Europe's spreading debt crisis.
NEW YORK (
TheStreet) -- Investors will be closely watching a euro ETF as the markets once again turn their attention to the debt crisis in Greece and other parts of Europe.
ProShares UltraShort Euro (EUO)
A euro ETF has been included in the ETFs to watch for many weeks this year and it makes the list once again.
Last week started with a deal to aid Greece on Sunday and that bought the global financial markets one day of rising prices. Investors then dumped the euro in the next three days, sending it tumbling to major support levels around $1.25 before it stabilized on Friday, after the German parliament approved the bailout for Greece. Over those three days, EUO gained more than 8% as the euro tumbled, taking the world's financial markets with it.This week will be a major test for the euro. It needs to hold the $1.25 level, and a flat or slightly down week would be very good for the continent and the currency. With Portugal, Spain and other European nations mentioned along with Greece now, the governments of Europe are reaching the end of their rope.