In the one day environment of yesterday probably. The leverage in EUO can be a double edged sword and the fees are about double UUP. Good luck, though, I hope you are correct and the 76.259 low when Benron began his speech last Friday, holds. That would set up a nice pattern of higher lows--but the verdict is still pending.
Eventually the dollar will go up when the bubbles in China and the resource and emerging countries pop. Timing is everything with a leveraged ETF.
One thing I have noticed is that commercials are net long NOW as the chart shows above--this is somewhat rare. Nobody knows how long they will stay that way, but it seems that if you take a position when commercials go from long to short again, like in June 2008 or November 2009, you could do fairly well in UUP. This isn't scientific, just an observation from looking at the last few years price data that is available on this UUP site as compared to the linked older COT information, which shows commerical fluctuations for each week going back years.
You might want to factor this into your thinking on EUO--or maybe not--someday, the dollar will explode up when there is fear of all the bubbles bursting--maybe this is the start--maybe not, but timing is everyting with leverage.