EUR/USD gains met defence/resistance ahead of large 1.22 option barrier

Implied volatility and additional premium for EUR calls has peaked for now

Option price action consistent with near term spot consolidation

However, implied volatility bought on dips, EUR call setbacks minimal

Dealers note continued demand for 1.24-1.25 strikes expiring in 1-3-months

Brexit risk and impending ECB meeting warrant near term caution nL1N2IN0B1