The euro has been moving higher even without a deal sealed for Greek debt, but this strategist says it's time to check out.
Think the euro will lift off again if and when a Greek debt deal is reached? Better talk to George Davis, chief technical analyst at RBC Capital Markets.
The single currency could certainly move up on the news, but "I think the bias is still going to be overall to fade rallies in the euro," Davis told CNBC's Scott Wapner. Most of the good news for the euro is already priced in, he says, adding, "I think as these various agreements and bailouts work their way through the euro zone economy that austerity will cause a severe slowdown and a drag on the euro."