Key option expiries due at the 10am New York cut on 10 September

Only a couple of expiry levels stand out for today's session.

Those are EUR/USD strikes at 1.1600 and 1.1650. With spot roughly between these two hefty levels, the 1.1600–1.1650 zone becomes a potentially significant expiry area. Hedging-related flows around that zone could add to two-way or choppy price action into the cut.

That said, with everything else equal, the expiries can also work as bookends, keeping price movement fairly contained within that range through the session. That applies until the ECB decision and the Lagarde press conference later in the day.

From a technical standpoint, the expiries do align somewhat with the 200-day moving average at 1.1632. That level has capped upside for EUR/USD since last week already, making it another point to consider alongside the ECB beyond the usual expiry attraction.

On top of that, the 100 and 200-hour moving averages at 1.1612-25 could provide some floor for price action ahead of the ECB later today.

In essence, the expiries are simply helping to reinforce the technical push and pull seen above for now.

As always, these are contextual levels not directional signals. Major data, central bank headlines, and/or broader risk moves can easily outweigh any expiry-related influence.