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Here's a 40-year chart showing why the euro is going down

Are we in for another euro crisis?

Last week, yields on Greece's 10-year bond spiked to 9 percent, from 6.5 percent, as investors sold the country's debt. The big fear in the market is that the country's bailout may be in jeopardy. At the start of the decade, Greece's debt problems ignited a eurozone crisis that nearly saw countries exited the common currency.

There may be some shakeup in the euro because of problems in Greece, a country with a GDP of $242 billion, smaller than that ofthe U.S. city of Seattle. But one of the world's most influential hedge fund managers is saying monetary policy will make the euro an outright short.

David Tepper of the $20 billion Appaloosa Management said at the Robin Hood Investors Conference on Tuesday that he is shorting the currency because he expects the European Central Bank to add euros into the economy. Europe is struggling with a stagnant economy and worries about deflation across the common market.

(Read: David Tepper takes short position against the euro)

Gina Sanchez, founder of Chantico Global, notesplans for a European version of quantitative easing come at a time when the United States is ending its own QE policy.

"You're going to see money flowing more into the U.S. dollar and away from the euro," said Sanchez, a CNBC contributor.

But while some worryEurope's situation resembles the crisis of just a couple of years ago, others are going back even further.

Looking at a 40-year chart of the euro, Ari Wald, head of technical analysis at Oppenheimer & Co., believes its technicals menacingly resemble the late 1990s just before the physical currency was actually implemented.

(Read: Euro sell-off after report ECB looking at corporate bond buys)

In the second half of the 1990s, the euro (theoretically, at least) traded in the $1.30s. By the time euro notes and coins went into circulation in 2002, the currency was worth only 89 cents.

"We see this very toppy behavior very similar to the top in the euro that we saw in the 1990s," Wald said. "We're seeing a lot of activity similar to 1997. That euro weakness extended into 2001."

Wald would position for continued euro weakness in the longer term. "This as a secular top in the euro and a secular bottom for the dollar," he said. "I think the dollar continues to do well looking at the next couple of years."

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