• EUR/USD trades tight 1.1775-54 range with U.S. markets closed on Friday

• Thursday's better than expected U.S. jobs knocked FX from 1.1800 to 1.1717

• Market long EUR/USD via FX and options, which may slow further progress

• However, there's no rush to pare longs and buyers still seen when dips allow

• A huge FX option strike expiry on Monday at 1.1770 helps contain

• Post NFP option implied volatility slump recognises current FX consolidation

• July 1 high since 2021 at 1.1830 resistance. Option barriers 1.19, huge 1.20

• Big 1.1700 FX option expiries next week can ais support for any FX setback
EUR=EBS

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