• EUR/USD heavy, well within Thursday's 1.1576-1.1636 range as huge option expiries shackle spot price

• Wednesday's peak and 55-DMA stack resistance at 1.1646 — a close above would relieve selling pressure

• Reclaiming the 200-DMA at 1.1682 would be a better signal that bulls are back in control

• US-Iran negotiation hopes keeping oil and USD off highs, offering EUR/USD some underlying support

• €8bn of option strikes between 1.1575-1.1635 expire at 10am New York/14:00 GMT Friday, pinning spot

• Forward-looking FX options recognises EUR/USD downside risks but pricing shows no real alarm bells
EUR=EBS


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