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The Euro Still Has Room to Rise: Strategist

Euro bills and coins in cash register tray
AP
Euro bills and coins in cash register tray

The euro shrugged news of a Greek debt deal, but this strategist thinks the fun isn't over.

Greece reached agreement on austerity measures, bringing it that much closer to a bailout lifeline. Hooray! But unfortunately, the euro shrugged off the news.

That just means there is more room for it to run, says Todd Gordon, co-head of research and trading at Aspen Trading Group. "It was a significant development this morning with Greece agreeing to austerity measures," he told CNBC's Scott Wapner. "I think the contagion trade is coming off. I think it's a euro positive situation."

Gordon also believes that it's far from certain the European Central Bank will cut interest rates at its March meeting, which could provide some upside.

And in terms of technical factors, he likes the fact that the stock prices are high, since the euro's movements tend to be correlated with the S&P 500 index.

That said, Gordon would wait for a pullback before entering a euro trade. He wants to buy the euro against the dollar at 1.3150 with a stop at 1.3000 and a target of 1.3500.

You can watch the whole discussion on this video.

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