How low can the euro go? Very.

Briefly slumping to a four-year low against the dollar yesterday, the euro has gained the dubious distinction of being the worst-performing major currency this year. And more pain could be on the way, despite the $1 trillion aid package that bought the European Union's financial impresarios enough time to force some tough love on Greece and other debt-tipsy members.

Although the currency regained a bit of strength today, don't expect it to find momentum anytime soon. In fact, it could still have a ways to fall.

Concern over the eurozone's growth and its lingering fiscal morass has led several analysts to call for the euro, currently valued at about $1.24, to reach dollar parity before it stages any sort of rebound. In making his own call for parity, Christopher Wood, chief equity strategist at CLSA Asia Pacific Markets, said that the euro will become "fundamentally weak currency."

Part of the problem, says BNP Paribas, which called for dollar-euro parity by 2011, is that Europe will probably be forced to switch from using fiscal tools to monetary instruments in its attempt to heal the system. That would mean printing money, which, BNP Paribas notes, would send "the euro massively lower."