Is the Eurozone serious about being a major currency or are you people farting around?  If I was a central banker I'd be looking at this kinda thing:

Sovereign debt problems in some euro zone countries have triggered a sell-off in the euro, but its decline may slow given overstretched positioning and signs the euro-bashing trade has become one-sided.

The latest Commodity Futures Trading Commission data shows the number of net short euro positions -- effectively bets that it will depreciate -- rose to nearly 44,000 last week, levels last seen during the market chaos that ensued after Lehman Brothers collapsed in late 2008.

Euro/Dollar:

I'll note a butterfly trading position can be very profitable when the underlying market is whipsawing.  

Especially if you're a Market Maker and don't have to pay commissions.