Posted by Zeb BhamThe euro was at $1.3621 in foreign exchange trading this morning (November 11th), remaining close to $1.3484 its lowest level in a month seen yesterday.Uncertainty remains in the market about the potential for the 17-nation currency to hold its slight gains as analysts await news of who will succeed Silvio Berlusconi as the Italian prime minister, reports Reuters.However, its fortunes may remain mixed even if Mario Monti, the former European commissioner, is appointed to lead the nation's emergency government.Commenting on the situation, Mizuho Corporate Bank in Tokyo market economist Daisuke Karakama said: "We don't know whether a new government would be able to persuade the public and impose painful measures."He added that in the current climate it would be "too optimistic" to believe that the ongoing concerns about deficit issues will be quelled by the appointment of a successor to Berlusconi.Some investors are preparing themselves for the multi-nation currency to slide further in forex markets as the euro/dollar one-month risk reversals remain in proximity to September's levels, which caused an early October low of $1.3145, its worst performance in nine months.Head of global foreign exchange strategy for Credit Agricole CIB in Hong Kong Mitul Kotecha suggested that it seems unlikely the euro will rise in the near future, with his bank predicting that before 2011 draws to a close it will hit $1.33."I still think it's going to be some time before we see a sustained drop in Italian bond yields," he said, adding: "Euro, to me, is still very much a sell on rallies."Meanwhile, versus the Japanese currency the euro was slightly above yesterday's lowest point in one month of 104.74 yen at 105.64.Earlier this week, Credit Suisse chief currency strategist Koji Fukaya told Reuters that the currency's fortunes could improve if "quick action" is taken by the European Central Bank.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site