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.”
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How to Trade the EUR/USD Currency Pair: Professional Tips
The behaviour of the EUR/USD pair is a kind of indicator showing the comparative condition of the US and EU economies. If the US economy steadily grows, and problems arise in the EU, the EUR/USD decreases.
EUR/USD is one of the most popular currency pairs for Forex trading. Since the beginning of trading in 1999, the currency pair has undergone significant changes. For the first two years, the future for the euro was uncertain and the quotation was declining, reaching a minimum of 0.8200.(more…)
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