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Oct 28 - 08:55 AM

EUR/USD - COMMENT-EUR/USD Likely To Be Pinned By Huge Cluster Of Expiries

By Martin Miller  —  Oct 28 - 06:51 AM

Despite the event risk of the looming European Central Bank meeting, EUR/USD will likely remain pinned near to 1.1600 for the rest of the week because of a large cluster of option expiries.

EUR/USD edged lower ahead of the ECB meeting as investors waited to hear policymakers' views on the outlook for inflation and an expected pushback against rising interest rate projections. nL8N2RO397

There is a huge amount of option expiries that are containing EUR/USD in the 1.1590-1.1610 region worth 2.9 billion euros, rolling off on Thursday and Friday. This will leave spot free to move on Monday, as there are relatively few expiries in the vicinity.

Last week EUR/USD's recovery move has been limited by the key 1.1670 Fibonacci level, a 38.2% retrace of the 1.1909 to 1.1522 (September to October) drop, putting spot under stress that could retest the October 1.1522 low.
Only a daily close above the 1.1670 Fibo would shift the bias back to the upside.

For more click on FXBUZ

Daily Chart: Click here

EUR/USD Option Expiries Chart: Click here

Refinitiv IFR Research/Market Commentary


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