Bank of America Global Research recommends going short EUR/USD via a 2m put option with 1.15 strike for 0.5655% EUR.
"Macro conditions, a technical setup, stretched positioning and fundamental risks are reasons to short EUR/USD," BofA notes.
"A close US election race increases the risk of a contested election. We do not believe markets are prepared for potential heightened social and political tension, increased economic policy uncertainty and fiscal policy paralysis when 20 million Americans still require jobless benefits that have either expired or are about to. To hedge this risk, we like short euro," BofA adds.