In a recent article on Seeking Alpha, we outlined a strategy to strangle the euro which is a bet on volatility, not direction. However, a growing number of analysts are becoming more bearish on the euro and overall European situation. With any meltdown in the eurozone, the best way to profit from a collapse of the euro is by buying a euro Put option (ideally spot EUR/USD (FXE)).
http://seekingalpha.com/article/702181-a-put-on-the-euro-to-parity
