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."

So Davis wants to sell the euro against the British pound.

In Europe, "as the austerity measures work their way through the economy, we're going to see a drag on growth," he says.

"We're predicting flat growth this year, whereas in the U.K. they are progressing quite a ways through the cycle with respect to austerity, and we're looking for one percent growth there."

Davis wants to sell the euro against the pound at 0.8450 with a stop at 0.8625 and a target of 0.8100.

You can watch the conversation on this video.

Tune In: CNBC's "Money in Motion Currency Trading" airs on Fridays at 5:30pm and repeats on Saturdays at 7pm.

Learn more: The essential vocabulary for currency trading is on Key Terms Dictionary. Top currency strategies are broken down for you in Currency Class.

Talk back: Tell us what you want to hear about - email us at moneyinmotion@cnbc.com.