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JPM saw the euro trading at $1.20 by end-2018 versus a previous $1.25 forecast, and recovering slightly to $1.23 by the second quarter of 2019 in a note received on Monday.
It cited softer euro zone economic data and political uncertainty as reasons for the downgrade.
The bank also cut forecasts on the Canadian dollar to C$1.27 , from its previous C$1.24 expectation, noting trade tensions with the United States and the possibility of lower oil prices.
The pair is currently trading at the day's lows of C$1.30, having fallen 3.2 percent so far this year.