Now that Portugal has capitulated and asked for financial assistance, traders are fixated on the potential for its problems to spread.
Brian Kelly of Kanundrum Capital is optimistic that the mess can be contained. "Essentially, Germany and France are backstopping the whole euro zone," he told CNBC's Melissa Lee. "We've now reached that point where it's in Germany and France's best interests to keep their bond markets stable, to keep their interest rates relatively low, to keep inflation in check, and to have a stable if not a rising currency. That's exactly what you're seeing in the euro here." Kelly argued that the euro still has room to run, and any pullback would be a chance to sell the dollar.