• Massive soon-to-expire options between 1.09-1.11 contain EUR/USD

• A tight 1.0966-96 range so far Monday (EBS), Big 1.10 expiry Monday

• 1.1000 expiries all week and still growing, now 2.1-billion on Friday

• Related hedging flows should add to resistance above 1.1000 near term

• Low implied volatility reflects situation - actual volatility even lower

• Hopes that May 3-4 Fed and ECB policy announcements may improve conviction

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