• EUR/USD options are quick to pay offers when spot threatens more gains

• Implied volatility has increased with spot over the last week

• Implied volatility premium for EUR calls vs puts at new long term highs

• Benchmark 1-month 25 delta risk reversals reached 0.4 EUR calls on Monday

• That's a new high for topside over downside strikes since late 2020

• More FX option barriers likely above - break can fuel more EUR/vol gains

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