EUR review

This could be the week the euro falls to new 12-year lows against the dollar while a big U.S. bank thinks this could be the year the currency pair weakens below parity. Morgan Stanley predicts the euro would fall below the 1- 1 mark against the greenback by the end of 2015. 

Meanwhile, the euro Monday came under fire on multiple fronts. They include the steady erosion in yields in Europe that's steering investment toward regions where interest rates are forecast to rise like the U.S. Meanwhile, the U.S. side of the equation has shown signs of improving in last week's news that showed a gauge of U.S. joblessness at one of the healthiest levels in 15 years. 

Then there's Greece who must soon appease its lenders with more reforms in order to keep the rescue cash flowing. This week's main event for the euro will be a European Central Bank policy decision on Thursday.