• Massive 2.4 billion 1.0850 EUR/USD option strikes expire 10-am New York Fri

• Related cash hedging flows can help draw spot to strike as is often the case

• Next week sees some big strikes at 1.0900 may help contain more USD weakness

• 1.0900 was predicted to be the n-term limit of upside expectations for FXO

• Post CPI EUR/USD gains ran in to related resistance on Thursday

• Monday has a massive 4.6 billion euros of 1.0895-1.0900 strikes expiring

• Tuesday has 2.5 billion euros 1.0900, Thursday 3.5 billion 1.0880-1.0900

• Implied volatility at 3-year low - signals low FX realised volatility risk

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