Then there is the technical picture. When European Central Bank chief Mario Draghi proclaimed in July that he would do whatever it takes to save the euro, European assets like EWQ hit a series (July, August, September) of "higher lows." That is a bullish pattern for stocks. In contrast, shortly after Draghi announced the specifics of the ECB's plans in September, EWQ has been hitting a series (September, October, November) of "lower highs." That is a bearish pattern for stocks. While I continue to hitch my cart to Asia Pacific ETFs for "foreign exposure," I recognize that some ETF investors still want access to great European companies like Unilever ( UL), Sanofi-Aventis ( SNY) and Moet Hennessy Louis Vitton ( LVMUY). If you feel the urge, then I advise using a currency hedged vehicle like WisdomTree European Hedged Equity ( HEDJ). This exchange-traded fund is hedged such that you can expect higher returns than a similar non-currency hedged investment like EWQ... assuming the value of the dollar is increasing relative to that of the euro. Right now this is precisely what is happening. HEDJ is roughly 1% off its 52-week highs whereas EWQ is closer to 5% off its peak. Follow @ETFexpertThis article was written by an independent contributor, separate from TheStreet's regular news coverage.