• One-month EUR/USD vol 5.7 vs historic lows around 4.0

• This despite pair's recent slide to a 2026 low

• Volatility recently lessening as EUR/USD has dropped

• Options imply less chance of greater movement

• EUR/USD traders get a signal to sell

• The Big EUR/USD short is increasingly hard to justify

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EURUSD and vol

(Jeremy Boulton is a Reuters market analyst. The views expressed are his own)