The volatility in the euro-dollar trade is spiking, and  that could spell trouble for the euro, this analysis says.

It's sure feeling like the euro has been rather up and down against the dollar. Well, lo and behold, it has. Euro-dollar volatility is getting close to a two-year high, and it's well above where it was at the start of this quarter.

Why should you care?

Because "this suggests that investors remain nervous, and that going forward, the euro could embark on a steep decline," according to this analysis.

So far today, the euro has recovered nicely from an initial drop on news that euro zone ministers were hanging tough about additional funding for Greece. But if traders really are that edgy, it might be time to head for the sidelines.

Just a thought.

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