The euro rebounded against the dollar today after plunging to a nine-month low yesterday.
Earlier the euro fetched $1.2120, up from $1.2028 in late trade in the United States yesterday.
But that slight recovery doesn't mean the single European currency's woes are over, analysts said.
"I can't see a bottom for the euro," said Seiya Nakajima, chief economist at Itochu Corp. "The momentum for European integration is lost. The euro will probably fall to $1.10 or even to parity."
The euro has not traded below parity, or $1, since December 2002. The euro has fallen about 10 per cent since March, due to sluggish economic growth in the euro zone and growing concerns recently about political cohesion in the region after France and The Netherlands rejected the European Union constitution.