EURUSD moved below Saxo Bank sell signal last Friday, activating a short trade by the bank toward the end of the UK trading day at 1.28419, placing a stop at 1.29355 bid, John Hardy, Head of FX Strategy at Saxo Bank notes.
Mr. Hardy adds: “Note that there is obviously considerable risk with the events ahead for next week for all USD positions, including especially the US presidential election on Tuesday and as the results are tallied on Wednesday and beyond. The target is open for now, but the model will begin to look to take profit on half of the position somewhere below 1.2600.”
via Forex Flash: Short EUR/USD, target around 1.26 – Saxo Bank.
