That being for EUR/USD with a heavy chunk layered between 1.1650 to 1.1700. As things stand, US-Iran headline risks continue to drive the market mood and dollar/trading sentiment along with it. That is the tail wagging the dog, as traders are starting to feel more fearful again amid a lack of breakthrough on the next round of talks.

There were some fake news involving Iran missiles overnight here, but that was enough to unmask the risk rally from earlier this week as being a rather fragile one at the end of the day. All it takes is a negative headline blip and there is the potential for everything to come undone.

So, we are seeing a more cautious mood there and higher oil prices is also working to keep traders circling back to the dollar for a bit.

The expiries above for EUR/USD are holding around the 100 and 200-day moving averages region, seen at 1.1674-05 currently. So, the expiries may act as another defensive layer in holding downside price movements in the session ahead.

But if the negative mood deepens, expect that to have a stronger hold in terms of dictating price action. However, there is still a bigger layer of expiries seen at 1.1650 that could still keep things in check. That at least until we get to US trading and more headline risks to follow from both Washington and Tehran.

For now though, the expiries above might play a role – even if more limited – as we work through euro area PMI data as well in the session ahead.

For more information on how to use this data, you may refer to this post here.