• EUR/USD consolidates 1.1721-60 Monday after Friday's peak at 1.1785

• Plenty of option strike expiries within range - related hedging flows can help contain

• Close above cloud top 1.1746 could help bulls but looks unlikely right now

• Initial support at Friday's 1.1715 low and 100-DMA at 1.1710

• Daily cloud twist on May 25 near 1.1670 worth watching as these often attract price action

• UK and Japan on holiday today, limiting liquidity and overall action

• Markets are looking ahead to US NFP Friday as the key macro catalyst for direction

• One eye on Strait of Hormuz stalemate for updates, though oil remains off last week's highs
EUR=EBS


(Richard Pace is a Reuters market analyst. The views expressed are his own)