Euro Falls Below Key $1.20 Level

Continuing its precipitous fall from grace, the Euro fell below the key $1.20 level versus the dollar for the first time in four years.

The Euro last traded at $1.1987.

New concerns in Europe crept up yesterday with Hungary admitting to deep troubles. Peter Szijjarto, spokesman for Hungary’s Prime Minister Viktor Orban, said that the country is in a "grave situation" due to the previous government's manipulation of economic figures and its dishonesty about the state of the nation's finances.

With bailouts in Europe looking to be the new normal, there are not too many that see a rebound in the Euro anytime soon. Some say a bottom with be par with the U.S. dollar, or another 17 percent drop.

Related Trades: CurrencyShares Euro Trust (NYSE: FXE), PowerShares DB US Dollar Index Bullish (NYSE: UUP), PowerShares DB US Dollar Index Bearish (NYSE: UDN).

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