• There have been several option trades featuring 1.0600 strikes this week

• 1.08-1.06 USD call spreads common with expiry dates over the next 1-2 months

• Also, options with various types of triggers on USD call strikes at 1.0600

• Such options would gain value amid a deeper EUR/USD decline toward 1.0600

• Risk reversals retain a slightly firmer downside vs upside vol premium

• However, implied volatility reverts to late 2021 lows across all expiries

• That suggests that any deeper EUR declines will be slow and lack volatility

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