EUR/USD options are historically cheap, yet retain an upside lean that might attract bulls, especially when there's no upfront cost.
Implied volatility determines option pricing - trading near crisis lows suggests relative value.
It retains a small premium for EUR calls over puts, suggesting EUR/USD gains are deemed more likely than losses, which should lift implied volatility if EUR/USD resumes its uptrend.
Bulls might consider a three-month expiry 1.2450 EUR call for $60 pips, funded by the sale of a three-month expiry 1.1950 EUR put for $60 pips.
The 1.2450 would increase in value as EUR/USD gained, while the 1.1950 would lose value.
Another strategy would be to buy a EUR/USD call spread.
Three-month expiry 1.2300 costs $105 pips, but can be offset by selling three-month 1.2500 EUR calls in twice the amount.
Of course, such trades aren't without risk - the first if EUR/USD breaks below 1.1950, and the second sustained gains above 1.2500.
Strikes and maturities can be tailored to suit.
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1-3-12-month EUR/USD implied volatility Click here
EUR/USD 1-3-12-month expiry option risk reversals Click here