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'Perfect storm' could send euro even lower

“A perfect political and economic storm is brewing,” said BBH currency strategists led by Marc Chandler in a research note published Monday.

Despite the small bounce in the euro after the results were out, Societe Generale’s Kit Juckes said the currency could continue to decline against the dollar this week. He predicted the euro could move to, or through, $ 1.20, taking it to lows last seen at the apex of the euro zone debt crisis in 2010.

“The failure (of Monday’s vote in Greece) was widely expected, so the immediate response is minimal, despite Greek yields being higher and Greek stocks having failed to bounce,” the macro strategist told CNBC via email.

“I think if the euro starts to fall, it could gather some downward momentum, given the uncertainty about the outcome of the elections.”

Read MoreGreek stocks tank as snap election called

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