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 European Central Bank meeting is only adding to currency investors' jitters.
"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.