Think the euro can't fall much further?

Think again, this strategist says.

The third quarter was a rough one for the euro - but Jens Nordvig, global head of G10 currency strategy at Nomura Securities, says we ain't seen nothing yet.

In the absence of , Nordvig thinks the euro could test the lows it hit in 2010 when the debt crisis first erupted - around $1.18.

"Looking into the fourth quarter, I think there is significant downward pressure," he told CNBC's Scott Wapner.

Nordvig says Nomura is pretty much issuing month to month forecasts since the situation in Europe is so fluid.

"These are unprecedented times in Europe and we should be ready" for more weakness in the euro, he adds.

You can watch the whole discussion in the videotape.

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