1.3600 option barriers were removed amid the European morning move higher. As a result, the focus has now turned to the option triggers at 1.3620 & 25 with barriers also confirmed up at 1.3650 and 1.3675. Protection of these options helped curb the latest stab higher with gamma related supply emerging at 1.3615 to halt the move higher.
Into North American trading and EUR/USD is attempting to consolidate the break into the 1.36's with bids trailing to 1.3595 to help prop. Looking ahead, the North American session is devoid of tier one US data releases. The Dollar may take some comfort from this news given that recent economic unveilings have done little to deter the market from selling the USD.
However, with little event-risk of fresh news to underpin the unit any further US unit selling will see the topside come back into sight. On the downside only a break below 1.3550 support will add pressure and take the focus off the all-time highs at 1.3666. Option traders also note 1.3555 strikes expiring intraday at the NY cut.
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