Key FX expiry: EUR/USD 1.1550 in focus for the New York cut

For today's trading, market participants should keep an eye on a single notable expiry, marked in bold in the data below.

This is the EUR/USD strike at 1.1550. With spot trading essentially right on that level, this expiry carries the greatest chance of triggering range-bound or erratic movement around 1.1550 as the time approaches.

Additionally, this expiry aligns closely with a significant technical support zone—the 100-day moving average, currently at 1.1556. That level has served as a critical barrier over the past few weeks, stopping the downward pressure on EUR/USD from gaining more traction. Now, with the dollar showing renewed strength, this support will once again be closely watched and likely tested.

This comes as market attention shifts toward a more hawkish Federal Reserve stance ahead of Wednesday's FOMC meeting. That event is expected to be the main catalyst for the dollar and, by extension, overall sentiment in major currency pairs.

Elsewhere, larger expiries for EUR/USD sit at 1.1500 and 1.1600. Given these levels together with the one at 1.1550, trading may stay contained within the mid-1.15 range unless a major macro surprise emerges. In a bearish scenario, a break below technical support could attract additional activity at the 1.1500 strike, providing further downside cushion.

For a deeper understanding of how to interpret this data, see the educational post here and the Q&A section below.