[EUR/USD] has been rangebound with very modest downside pressure coming off the back of Usd/Yen's rally, but demand for Euro/crosses adding support. Expectations for something more exciting are low with the option barrier at 1.1840 and plentiful sovereign bids providing support. To the upside, specs continue to favour selling into a strength, offers heavy ahead of 1.1930, stops behind. Option expiries are seen today at 1.1800-1.1850-1.1875-1.1900, and 1.1950 and are certain to limit the range. Indeed delta hedging above 1.1900 is tipped by many for the lack of follow through to Asia's stop hunt. US PPI, F/c +0.1% m/m, or Michigan sentiment, f/c 90.8, are eyed for a possible incentive to trade.
