EUR/USD vol shot higher when the pair dipped toward 1.06 last week

One-month vol has sunk and is back on a 5 handle

The low level of option vols suggest it's wrong to bet on direction

Counter-trading moves toward outer limits of ranges seems prudent

Since start of 2022 pair mainly trading within 1.05-1.10

Current drop is stretched toward base 20-day Bollinger Bands

Traders are clinging to a bullish view ahead key level nL2N3GV0A9

After rising, the dollar may fall nL2N3GV0GB