Greek Chorus of Bad News for the Euro
The euro had a nice run this week - but investors are turning on it today, and this pro thinks there is more to come.
"All week it's been kid of a chop up higher in the risk trade," which has been bad for the dollar and good for currencies like the euro, says Todd Gordon, co-head of research and trading at Aspen Trading Group.
But today's headlines on Greece - a ratings downgrade, news that Norway is suspending aid, a warning that the European Central Bank might stop accepting Greek bonds for collateral - are putting the brakes on that trend.
Meanwhile, "The euro is still fighting this $1.4150 to $1.42 level," Gordon told CNBC's Melissa Lee, and he thinks the next move will be downward.
"We tried to trade on this last week," Gordon said. "We got stopped out. With this chop in risk higher over this week, it's another opportunity to put the trade on."
Gordon recommends selling the euro against the dollar at at $1.4220 with a stop/loss of $1.4450 and a target of $1.3850.
You can watch the whole discussion in the clip, starting at 1:28.
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