It wasn't so long ago that euro investors were sitting pretty, with the currency buoyed by a sense that the debt crisis was receding.
But lately, the euro has been slipping and sliding on unsettling economic reports and Italian turmoil, falling a full percentage point last week. Now the upcoming
"The market is starting to pressure the ECB into possibly cutting rates further," said Boris Schlossberg, a managing director at BK Asset Management.
Schlossberg told CNBC's Melissa Lee that "the euro zone remains in a quagmire," with a contracting economy and few signs of change. There is, he said, "no inflationary pressure whatsoever," which is giving the central bank policy flexibility.
(Read More: CNBC Explains: Inflation)
That's why Schlossberg thinks European Central Bank President Mario Draghi "could surprise with a 25 basis point rate cut," which is making him bearish on the euro. But that's not the only reason.