The euro was supported near its four-year peak this morning in quiet trading due to holidays in New York and London.
Dealers are predicting the single currency will test a record high of $1.1886 before long.
Investors continued to flock to the euro as they sought higher returns at a time when interest rates are falling, with the US key interest rate at a four-decade low of 1.25 per cent and the European Central Bank's benchmark rate at 2.50 per cent.
The euro burst through its January 1999 launch rate of $1.1747 on Friday, and the upward momentum increased after it broke resistance of $1.18 where massive knockout options were rumoured to have been triggered, dealers said.
At 6.30 a.m. (Irish time), the euro was quoted at $1.1820/25 after climbing to a four-year high of $1.1838 on Friday. Against the yen, the euro fetched 138.06/15 yen It hit a record high of 138.33 yen on Friday.
Light corrective selling weighed on the euro, but traders were eyeing a possible push into record-breaking territory from Germany's Ifo business climate index later in the day.