I think you only need to trade one pair against cash so $/ Euro against cash not $/Euro against Euro/$
Well that would avoid, of course, the buying of the Euro with an Euro but it does not get me the X and the 1/X Objective Pair. So it looks like I need to do this:
Find another currency that behaves as 1/X to the USD but also to the Euro.
So X= EUR/USD now I need to find that currency pair that behaves as 1/X against the Euro as baseline, but that will be difficult, or at least it is not something that is obvious from fundamental factors. This question amounts to the same question as it applies to finding two funds who's values behave as X and 1/X against the Euro, or approximately so, and that issue has already been discussed here on various occasions.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.