• EUR/USD's bounce off Wed's 1.1392 low stalls at Tue's 1.1449 high in early London trade Thursday

• Falling 21-dma now sits at 1.1452 — EUR/USD hasn't traded above it since mid June

• A break above 1.1452 would meet resistance at 1.1462-72, the July 2-3 highs

• Clearing that zone opens the door to 1.1525 — the 38.2% Fibo retrace of the 1.1849-1.1325 fall

• Decent demand emerged sub-1.1400 on Wed's dip to 1.1392; option expiries flank spot on both sides, helping contain it

• FX option implied volatility eases from Wed's highs - still very close to recent 2026 lows - signals low volatility risk
EUR/USD daily chart (EBS)


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