• 1.1745 was Thursday's new high since 2021 - its a key resistance level

• 1.1745 is a 78.6 Fibonacci retracement of the 1.2349-0.9528 decline

• A break/close above 1.1745 puts 1.2349 in the cross-hairs

• Friday's range 1.1709-1.1681, initial support Thur/Wed lows 1.1654/1.1590

• FX option implied volatility off highs to reflect FX spot consolidation

• However, options charge a premium for topside strikes and already own plenty

• Price action in FX options recognises the threat of more EUR/USD gains
EUR=EBS

(Richard Pace is a Reuters market analyst. The views expressed are his own)