EUR/USD faltered after trading 1.2000 Mon, option resistance remains here

Several billion 1.2000 FX option expiries throughout this week

Culminates with biggest individual strike on Friday - around EUR 2-billion

Expect delta hedging from those trying to offset strike risk (selling above)

Option implied volatility has eased from Mon's highs as USD decline stalls

1-month 6.2 from 6.5, but longer dated maturities stay firm - 1-year 6.3

Risk reversals hold better premium for EUR calls vs puts - topside wary