Dollar Strength Pressures EURUSD at 1.1600 Expiry Amid Iran Tensions

On 20 May, EURUSD faces a single notable 1.1600 option expiry as the pair heads for a sixth loss in seven sessions. The story began on 18 May when large expiries at 1.1600 and 1.1650 temporarily supported price even after the euro broke below its 200-day moving average. On 19 May the 1.1650 strike capped euro gains during European hours while dollar firmness driven by the US–Iran conflict remained the dominant force. By 20 May the expiries board turned subdued, leaving macro drivers—higher oil prices and rising bond yields—firmly in control and outweighing any short-term positioning effects.