(Adds option expiry link to line 5 )

• EUR/USD is lacking volatility within limited ranges without a fresh catalyst, but options play their part, too

• Low volatility prompts option selling and adds more strikes to a zone already containing large amounts

• More strikes means more related cash hedging flows to offset exposure, which further restricts EUR/USD ranges

• There's been billions of euros of nearby expiry strikes expiring over recent sessions and more to come

• Wednesday has a massive 6.5 billion euros between 1.1600-55 for the 10-am New York cut expiry

• Thursday has 2.5 billion euros each at 1.1570 and 1.1600 and 6-billion euros between 1.1620-50, More Friday, too

• EUR/USD is leaning more bearish and options react, but still lacking conviction
EUR/USD FX option strkes expiring June 1-5


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