Euro hits 11-year low: Will it go below $1?

The euro, which has shed around 18 percent of its value against the dollar in the past year, has tumbled over 8.5 percent over the past 30 days.

A move to or below the one-to-one level against the dollar implies a further fall of at least 11 percent.

"The divergence between the ECB, the BOJ (Bank of Japan) easing policy more, and the (U.S.) Federal Reserve… no matter how you slice it, the Federal Reserve will raise rates well before the ECB and the BOJ—I think that this pushes the euro well below parity next year," Brown Brothers Harriman currency expert Marc Chandler told CNBC's "Futures Now" on Thursday.

"I think about where the euro fell to back in the early part of 2000, 2001, we were down below $0.9. And I think that that's where we should be thinking that we're headed again," Chandler said.

Quantitative easing tends to put downward pressure on a currency on the premise that a central bank will print the money it needs to buy bonds and help push interest rates lower.

Read MoreWhy we were right on QE: ECB board member

Speaking at a CNBC panel at the World Economic Forum in Davos Friday, billionaire investor George Soros said the quantitative easing by the ECB would impact currency markets.

"The sheer size of the massive injection and the duration, and so on, will have undoubtedly an effect," he said.

http://www.cnbc.com/id/102363060?view=story