Kathy Lien looks to sell the euro with an eventual target of $1.05

Foreign exchange strategists advise dumping the euro following Greece's landmark referendum on Sunday, regardless of the outcome.

Greek citizens go to the polls on Sunday to vote on whether to accept the bailout terms demanded by creditors, with the latest opinion polls suggesting the outcome is too close to call. In the event the majority of Greeks vote "no", the Greek financial system would collapse, putting into question the unity of the euro zone, says Kathy Lien, managing director at BK Asset Management.

„Even if a Grexit is long term positive for the monetary union, in the short term, the fear of a Grexit could lead to a multi-day decline in the EUR/USD," Lien said, predicting the currency pair could plunge to below 1.08.

Under this outcome, Lien looks to sell the euro with an eventual target of $1.05 – 5 percent below current levels.

A "yes" vote is set to usher in a period of heightened political uncertainty given both the Greek prime minister Alexis Tspiras and Finance Minister Yanis Varoufakis have pledged to resign under such a scenario.

"The question then becomes whether or not Greece and its creditors can agree to a new deal before July 20th, when Greece owes the ECB 3.5 billion euros," she added.