• EUR/USD breached 1.0900 - closer to key 50% Fibo of 2021-2 drop at 1.09385

• Option barriers and related defence from 1.1000 will add resistance above

• Recent flows show cheap EUR call buyers with topside barriers nL1N33X0RI

• This weeks focus is EU and US PMI data - favours EU to bolster EUR gains

• Recent implied volatility setbacks cheapen options but have since stalled

• High beta options can be attractive risk off hedge nL1N3450Q9

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