Attention traders! The FX market is about to get heated as we approach the option expiries for February 12th at 10am New York time. But before you dive in, let's break down the key factors that could impact your trading strategy.
There are no major expiries to worry about on this day, but there are a few notable ones for EUR/USD at the 1.1750-60 levels. However, these aren't likely to have a significant impact on the market. The dollar is stronger after yesterday's positive US jobs report, but that's not enough to trigger a major price correction just yet.
In the case of EUR/USD specifically, the overnight decline was stopped by the 200-hour moving average at 1.1841. This will be the key level to watch in the near term, as a break below it could open up space towards 1.1800. But with no major catalysts on the horizon, and traders waiting for the US CPI report tomorrow, there won't be too much to drive trading sentiment today.
So, market players will be left to their own devices, unless there are any major surprises in the US weekly initial jobless claims data. But even then, the impact may be limited.
For more information on how to use this data, check out this helpful resource: FX Option Contracts: Their Impact and How to Trade Off Them.
And don't forget to head over to investingLive (formerly ForexLive) to stay in the know and get ahead of the curve!
