The euro may be the Charlie Brown of currencies, as like the comic character, it's under a cloud of negatives, including the Greek election outcome, with analysts tipping further downside.
"It's the ugliest horse in the glue factory," Jeffrey Halley, senior manager for foreign-exchange trading at Saxo Capital Markets, told CNBC, advising selling it against all other G-10 currencies.
The common currency nipped down, trading as low as $1.1098 in Asian hours Monday, its lowest since late 2003 although it later recovered to around $1.1174, after news Greece's anti-austerity party Syriza looked set to win at least 149 seats in the 300 seat parliament -- a larger-than-expected margin.
The party ran on a platform of increasing spending and seeking forgiveness of some of its debt, with the rhetoric raising concerns Greece could dig in its heels on its bailout deal with the European Union, possibly defaulting on its bonds or exiting the common currency.
"Doubts over whether the EU bailout program (expiring on February 28) will be extended should keep Greek bonds and the euro under pressure," Mizuho Bank said in a note Monday. It has a forecast for the euro to slip as lows as $1.0950.
That may be optimistic, with RBS saying the currency could fall toward record lows closer to $0.80, although parity with the U.S. dollar is more likely in the meantime. The euro last traded at parity with the U.S. dollar in late 2002, in the wake of the dot-com bust and the late 2001 terrorist attacks in the U.S.