"I suspect (German Chancellor Angela Merkel) and that crowd will do something to make us feel better," Rogers tells CNBC.
The European Central Bank should not step in and buy government debt directly from debt-ridden governments like Greece or Italy, which would turn investors away from European markets in general.
European Central Bank officials have said they won't resort to such a policy, known as quantitative easing, in that it would bring about inflationary pressures.
"The market will start saying: 'Come on guys, we have had enough, this is shoddy and we're not going to play anymore,'" Rogers says.
(Newsmax file photo)
Despite the ongoing debt crisis and the chaos it has inflicted on equities markets worldwide, the euro held up well against the dollar in 2011, although it did begin to slide as the year came to a close.
In November and December, the currency hit a fell to a 10-year low against the yen and a one-year low against the dollar.
The number of short positions in the euro outweighed long positions by a record 127,900 contracts by Dec. 27, up from 113,700 contracts the previous week, the Financial Times reports, citing U.S. Commodity Futures Trading Commission data.
The value of the contracts was not disclosed.
"When we see extreme short positions like this it normally means a short-term correction for the euro," says Carole Laulhere, a strategist at Société Générale, the Financial Times adds.
"In the longer term the economic fundamentals are more important, but those are also weakening."