So bad it’s good: Why it may be time to buy the euro

"Things are about to get very risky for the euro. But that doesn't necessarily mean it's a sell."

For the first time ever, the European Central Bank is set to announce full-scale quantitative easing to fight the growing threat of a deflationary spiral.

Already this week, euro zone consumer price data showed a 0.2 percent dip from this time last year, further adding to pressure on the ECB to plow ahead with bond purchases.

The goal of stimulus would be to boost money supply, lending and economic growth. It could be announced as soon as Jan. 22, the central bank's next policy meeting.

Three days later, the Greeks are expected to vote Syriza to power, a party whose leader has threatened to rip up the country's bailout agreement with Europe and even exit the euro altogether.

Read more: With all of those risk factors, it might seem crazy to buy the euro. So, why do some think it looks attractive?