Today’s Options Market — November 4, 2026
Spot Rates
EUR/USD: 1.1224
USD/JPY: 158.17
GBP/USD: 1.3456
USD/CHF: 0.8174
USD/CAD: 1.3972
AUD/USD: 0.6983
NZD/USD: 0.5605
EUR/GBP: 0.8340
Today — November 4
EUR/USD
1.1100 — EUR 860 million
1.1200 — EUR 869 million
1.1225 — EUR 969 million
1.1250 — EUR 1.5 billion — largest
1.1270 — EUR 934 million
1.1300 — EUR 971 million
The current spot rate is 1.1224.
The nearest level is 1.1225, about 1 pip above spot. It is almost exactly at the current price, making the first point to watch whether trading settles around this level today.
As the New York cut approaches, watch whether EUR/USD continues to trade around 1.1225 or moves away from it in one direction.
To the upside, the largest option is at 1.1250, about 26 pips above spot. This is an important level if the pair breaks above 1.1225 and holds. Beyond that, 1.1270 is about 46 pips higher, and 1.1300 is about 76 pips higher.
To the downside, 1.1200 is about 24 pips below spot. If the pair falls from around 1.1225 and cannot recover, watch its approach to 1.1200 and the subsequent reaction.
The 1.1100 level is about 124 pips below spot. For now, prioritize 1.1225, followed by 1.1250 to the upside and 1.1200 to the downside.
USD/JPY
157.25 — USD 981 million
158.50 — USD 627 million
159.00 — USD 2.5 billion — largest
The current spot rate is 158.17.
The nearest level is 158.50, about 33 pips above spot. If the pair rises toward it, watch whether trading settles there or breaks above and holds.
The largest option, at 159.00, is about 83 pips above spot. Although it is a large position at USD 2.5 billion, it is some distance away, so prioritize the reaction at 158.50 first.
Even if USD/JPY breaks above 158.50, 159.00 is still 50 pips away. A break alone does not justify assuming the pair will rise all the way to 159.00.
The 157.25 level is about 92 pips below spot. Treat it as a level to monitor if the pair makes a substantial decline, not as support near current prices.
GBP/USD
1.3450 — GBP 682 million
The current spot rate is 1.3456.
The 1.3450 level is close, about 6 pips below spot, making it a short-term level to watch today.
As the New York cut approaches, watch whether the pair moves back toward 1.3450 or continues to trade around it.
If GBP/USD breaks clearly below 1.3450 and cannot recover, assess the downside momentum rather than assuming the option will provide support. If the pair moves higher, do not assume it will return to this level.
USD/CHF
No notable options are listed for today.
USD/CAD
1.3875 — USD 519 million
The current spot rate is 1.3972.
The 1.3875 level is about 97 pips below spot. Since it is some distance away, treat it as a level to monitor if the pair makes a substantial decline.
The presence of an option alone is not a reason to expect a fall toward 1.3875 or a rebound from that level.
AUD/USD
0.6900 — AUD 908 million
0.6950 — AUD 960 million — largest
The current spot rate is 0.6983.
The nearest level is 0.6950, about 33 pips below spot. It is also the largest option listed for today, making it important if the pair falls toward it.
Watch whether trading settles around 0.6950 or breaks below and fails to recover.
The next level below, 0.6900, is about 83 pips away. It is the next listed level if AUD/USD falls below 0.6950 and continues lower, but there is a 50-pip gap between the two levels.
For now, prioritize the reaction as the pair approaches 0.6950. Do not assume it will provide support solely because of the option size.
NZD/USD
No notable options are listed for today.
EUR/GBP
0.8330 — EUR 1.4 billion
0.8365 — EUR 852 million
0.8375 — EUR 2.5 billion — largest
The current spot rate is 0.8340.
The nearest level is 0.8330, about 10 pips below spot. With EUR 1.4 billion in options, it is the first level to watch today.
As the pair approaches 0.8330, watch whether trading settles there or holds and rebounds.
To the upside, 0.8365 is about 25 pips above spot, and the largest option at 0.8375 is about 35 pips above. Together, these options total EUR 3.352 billion, forming an important zone if the rebound continues.
If EUR/GBP falls below 0.8330 and cannot recover, monitor whether the decline continues rather than assuming it will return to the larger options above.
Next Trading Day — November 5
EUR/USD
1.1100 — EUR 2.9 billion
1.1150 — EUR 1.5 billion
1.1185 — EUR 1.1 billion
1.1195 — EUR 855 million
1.1200 — EUR 4.1 billion — largest
1.1205 — EUR 840 million
1.1210 — EUR 771 million
1.1215 — EUR 624 million
1.1220 — EUR 643 million
1.1225 — EUR 657 million
1.1230 — EUR 966 million
1.1235 — EUR 538 million
1.1250 — EUR 2 billion
1.1260 — EUR 511 million
1.1275 — EUR 1.4 billion
1.1300 — EUR 1.8 billion
1.1335 — EUR 621 million
Using the current spot rate as a reference, the nearest level is 1.1225, about 1 pip above spot. Options are also listed at 1.1220, about 4 pips below; 1.1230, about 6 pips above; and 1.1235, about 11 pips above. Several levels are clustered around the current price.
The 1.1225 level is listed for both today and the next trading day. Watch whether the pair continues to trade around this area into tomorrow or moves away in either direction.
A particularly notable level is 1.1200, about 24 pips below spot, with EUR 4.1 billion in options. It is the largest listed amount for the next trading day and an important level if the pair falls toward it.
There are EUR 9.119 billion in options across the eight listed levels from 1.1200 to 1.1235. Do not treat this entire range as one support zone; assess the reaction at each level as price approaches it.
To the downside, 1.1195 is about 29 pips below spot and 1.1185 is about 39 pips below. These are the next listed levels if the pair breaks below 1.1200 and cannot recover.
Farther down, 1.1150 is about 74 pips below spot, while 1.1100, with EUR 2.9 billion in options, is about 124 pips below.
To the upside, 1.1250 is about 26 pips above spot, with a significant EUR 2 billion in options. There is also EUR 1.5 billion at this level for today, making it worth monitoring across both expiries.
Beyond that, 1.1260 is about 36 pips above spot, 1.1275 is about 51 pips above, 1.1300 is about 76 pips above, and 1.1335 is about 111 pips above.
USD/JPY
157.00 — USD 1.9 billion — largest
158.00 — USD 661 million
Using the current spot rate as a reference, the nearest level is 158.00, about 17 pips below spot.
For the next trading day, watch whether USD/JPY approaches 158.00 and whether trading settles around it. If the pair falls below and cannot recover, treat that as a move away from the level to the downside.
The largest option, at 157.00, is about 117 pips below spot. Although it is a significant position at USD 1.9 billion, it is some distance away, so prioritize the reaction at 158.00 first.
A break below 158.00 alone does not mean the pair will fall all the way to 157.00.
GBP/USD
1.3400 — GBP 1.1 billion — largest
1.3570 — GBP 664 million
Using the current spot rate as a reference, 1.3400 is about 56 pips below spot. It is the largest option listed for the next trading day and a level to monitor if the pair declines.
The 1.3570 level is about 114 pips above spot. For now, prioritize today’s 1.3450, followed by tomorrow’s 1.3400 if the decline continues.
USD/CHF
0.8230 — USD 629 million
Using the current spot rate as a reference, 0.8230 is about 56 pips above spot.
This is a level to monitor if a rebound brings the pair closer. Watch whether the advance stalls there or breaks above and holds.
AUD/USD
0.6950 — AUD 558 million
0.7000 — AUD 525 million
0.7070 — AUD 602 million — largest
Using the current spot rate as a reference, the nearest level is 0.7000, about 17 pips above spot. This is the first level to watch if the pair rebounds.
To the downside, 0.6950 is about 33 pips below spot. It is listed for both today and the next trading day, so watch the reaction there if the pair falls.
The largest option, at 0.7070, is about 87 pips above spot. Since it is some distance away, prioritize the reaction at 0.7000 first.
EUR/GBP
0.8400 — EUR 609 million
Using the current spot rate as a reference, 0.8400 is about 60 pips above spot.
This is a level to monitor if EUR/GBP breaks above today’s 0.8365–0.8375 range and continues higher. The presence of an option alone does not justify expecting a move to 0.8400.
USD/CAD, NZD/USD
No notable options are listed for the next trading day.
Overall Picture
Today, EUR/USD’s 1.1225 level is about 1 pip above spot, GBP/USD’s 1.3450 is about 6 pips below, and EUR/GBP’s 0.8330 is about 10 pips below. These are the option levels closest to current prices.
For EUR/USD, the immediate focus is the reaction at 1.1225, which is almost exactly at spot. The largest option, at 1.1250, is about 26 pips above, while 1.1200 is about 24 pips below.
EUR/GBP has EUR 1.4 billion at 0.8330 to the downside and EUR 2.5 billion at 0.8375 to the upside. First watch whether 0.8330 holds; if the pair rebounds, monitor its approach to 0.8365–0.8375.
For USD/JPY, 158.50 is about 33 pips above spot. The largest option, at 159.00, is USD 2.5 billion, but it is some distance away. Prioritize the reaction as the pair approaches 158.50.
For the next trading day, EUR/USD has numerous option levels clustered around spot, with EUR 4.1 billion at 1.1200 standing out. USD/JPY’s 158.00 is about 17 pips below spot, while AUD/USD’s 0.7000 is about 17 pips above.
Trading Strategy
For EUR/USD, watch how the pair trades around 1.1225. If it breaks above and holds, 1.1250 is the next reference level. If it moves lower, 1.1200 is the next level to monitor. Several options are clustered around 1.1225 for the next trading day as well; if the pair falls, focus on its reaction as it approaches the large option at 1.1200.
For USD/JPY, watch the reaction at 158.50 if the pair rises. If it breaks above and continues higher, 159.00 is the next level to monitor. If the pair falls, tomorrow’s 158.00 is a reference level.
For GBP/USD, the key question is whether 1.3450 holds, as it is close to spot. If the pair breaks below and cannot recover, tomorrow’s 1.3400 is the next listed level.
For AUD/USD, monitor 0.6950 to the downside and tomorrow’s 0.7000 to the upside. For EUR/GBP, prioritize the reaction at 0.8330, followed by 0.8365–0.8375 if the rebound continues.
Do not base a trade solely on price approaching an option level. Focus on whether trading settles near the level or breaks through and holds.
