The EUR's woes do not seem to be showing any signs of stopping. As stocks trade lower, risk aversion appears to be winning the day and safe-havens like the US Dollar and Japanese Yen gain support. The EUR, in fact, hit a 20-week low versus the greenback as the American currency seems to be gaining more admirers in these trying times. Without some supportive data, the 16-nation currency may continue to plunge.

The Euro-Zone's common currency's recent plunge is not without merit, however. The recent string of data released from the European Monetary Union does show a steady decline in numbers over the past few weeks.

The Euro-Zone's and Germany's ZEW Economic Sentiment report showed a decrease in consumer/business optimism throughout the region; Italy's trade balance was worse than many were forecasting; Greece's sovereign debt situation continues to deteriorate; and today presents one of the best opportunities for a rebound, but also for a dismal showing that could decimate confidence in the EUR even further.

Today's flood of manufacturing and services data from the Euro-Zone's major economies is in fact predicted to indicate an improvement in the industrial and service sectors of the regional economy. Yet, if these figures fail to provide such evidence, the sentiment surrounding the EUR may rapidly fall further than it already has. Traders should be on the watch for any signs of deterioration as this may be the clearest indication that the EUR is going to be sold against most of its pairs by most investors.