The euro has continued its fall against the dollar after the European Central Bank (ECB) announced plans to trim its monthly asset purchase program.

Crucially, the bank also noted that the program could be extended again if necessary.

The ECB has been running its bond buying at a pace of 60 billion euros ($70 billion) per month as the central bank attempted to stoke growth and inflation among euro zone member countries. The central bank announced Thursday that the bank will now extend the program from January at a pace of 30 billion euros until at least September 2018.

Shortly after 10.00 a.m. New York time the euro was down 0.76 percent for the session. It has since fallen further to sit around one percent lower.

Carsten Brzeski, a chief economist at ING, said in a note that the central bank had announced a "gentle exit" from its quantitative easing (QE) program. The economist explained that the ECB wants to start the exit as cautiously as possible, without seeing the euro appreciate or bond yields increase.