2.3B expiring
The option in play for EURUSD is the 1.0650 level wit 2.3B expiring at that level. Yesterday if you recall, Mike was harping on the 1.0600 level and at 10 AM ET, the price was around that level.
Today the 1.0650 level is acting like a magnet. The 2.3B expiring is not the 8B like yesterday, but it is still a hefty number that if a trader or two or three is at risk, will trade around the level.
Option sellers love it when the option expires at the strike price because they expire worthless. So when you see a option level with lots of volume settle around the strike price, you kinda think option sellers are in control. It behooves them to keep the price around the level - if they can.
The really good option traders will play against those levels and trade spot or even trade the decay of the option into expiration.
Then it expires and life goes on. The price can move away from the level.
We trade at 1.0650.
