• EUR/USD breached Nov 5-6 double top 1.0937 for 1.0947 late Tuesday

• Setback stalls 1.0888 Wednesday and now consolidates low 1.09's

• 1.0957 is 76.4% Fibo of 1.1214-1.0125, 1.1000 option barriers resistance

• Large FX option strike expiries surround current range and help contain

• Option implied volatility off highs as spot market consolidates gains

• Recent demand for topside options suggest 1.1500 seen possible mid year

• German Fiscal deal must pass to if recent EUR gains are to be sustained

• Recent daily lows support but below 200-dma 1.0723 risks deeper setback

• FX Options wrap
EUR=EBS

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