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Yesterday (November 9th), the 17-nation currency's daily decline against the greenback was the largest seen in 15 months, reports Reuters.
It fell to a one-month low versus the dollar to $1.3527, dipping further away from the previous session's high of $1.3860.
Koji Fukaya, chief currency strategist at Credit Suisse, commented: ""The markets were basically in a panic yesterday and the only thing that can give the euro at least a temporary respite is quick action from the European Central Banks to lower Italian yields."
He explained the purchase of Italian bonds may have been done too late by European leaders, adding that the outlook now is "very bleak".
Earlier this week, sterling reached an eight-month high against the euro, rising to 85.17 pence on November 9th.
Posted by Chris Weaver
