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Where the Euro Is Headed Now

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Mike Kemp | Getty Images

The euro is having a rough ride, and this strategist sees more trouble ahead.

Somewhere, somehow, the euro will stop its slide - but Win Thin, director of emerging markets strategy at Brown Brothers, doesn't see it happening soon.

"At this point there is no floor," Thin told CNBC's Scott Wapner. Brown Brothers expects the euro to hit 1.20 against the dollar by the middle of the year, he says.

If recent months are a guide, you might expect the gradually improving U.S. economic outlook to hurt the dollar, since the greenback has been a sought-after haven from turmoil and an asset to sell when risk appetite revives.

But Thin thinks that will change.

"The U.S. is not wonderful by any means, but it looks relatively good compared to the rest of the world. It's one of the few areas that's growing, and at some point the dollar should be rewarded."

That said, Thin is wary of selling the euro at current levels, noting the large number of short positions on the single currency. So he recommends waiting for a bounce to 1.2900, then selling the euro against the dollar with a stop around 1.3050 and a target of 1.2600 on the way to 1.2000.

You can watch the conversation on the videotape.

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