As Greece's problems mount, the euro has been breaching new levels, but this strategist says it's no time to be contrarian.
It wasn't all that long ago that the euro was stuck in a tight trading range, confounding investors - but you wouldn't know that today. At under 1.26, the single currency is breaching levels not seen in months.
But if you're thinking about taking the other side of that trade and buying the euro against the dollar, think again, says Andrew Busch, global currency and public policy strategist for BMO Capital.
"There's a time to get fancy in the currency markets. This isn't it," he says. With the news from Greece increasingly grim and slim prospects for meaningful changes from the European Union summit, "Don't get fancy, don't get too smart, don't overthink it - just sell it."