It's been a rough week for the euro, and there's more turbulence ahead, these traders say.
The problem for the euro is that there are as many agendas as there are euro-related decision makers trying to address the sovereign debt crisis.
"Every policymaker in this thing has a different worry," says Rebecca Patterson, chief markets strategist for J.P. Morgan Asset Management, Institutional. Germany is worried about popular distaste for a Greek bailout and Greek debt in their banks, while the European Central Bank is focused on inflation and the IMF is wary of lending more money if it can't be repaid, she said.
"We have all this noise from different people," Patterson told CNBC's Melissa Lee. "It's confusing, it's contradictory, and in times of uncertainty, what do you do? You sell." Thus the drop in the euro from almost $1.50 to roughly $1.41 in a matter of days.
Peter Boockvar, chief equity strategist at Miller Tabak, takes an equally negative view of the proceedings in Europe. He believes there will be some sort of agreement to extend the maturities on Greece's loans, but that will need to be followed by some kind of restructuring.
"There are so many cooks in this kitchen that it's going to be very difficult to come to an agreement quickly," he told Lee. But he thinks the market may force a decision.
"The fear on the part of the French and others who don't want to go through the restructuring is the fear of the unknown," Boockvar says. "But it has to happen. They have to rip off the Band-Aid at some point."
Andrew Busch, global currency and public policy strategist for BMO Capital, agrees that a decision will be hard to nail, and he notes that based on past trading patterns for the euro, it's likely to fall further from current levels.
He suggests selling the euro against the dollar at $1.41 with a stop loss at $1.4210 and a target of $1.3450.
If Busch is on target, his trade offers significant upside potential with little downside. But With his stop loss close to his entry point, Busch cautions, "If you're just getting into the trading game, you have to put those stop losses in immediately."
You can watch the whole discussion right here.
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