The iShares MSCI Eurozone ETF (EZU) experienced a notable bounce, rising 8.88% on April 10, 2025, after a sharp decline below $50. However, it remains below a critical resistance level at $53, which is characterized by a confluence of put support, high volatility levels (HVL), and a gamma wall. Traders are advised to watch for volatility between $53 and $56 as option flows dominate the near-term market dynamics. Despite the bounce, the ETF has shown a deeply put-biased skew, with a 3-month percentile of 90.32%, indicating ongoing hedging demand and skepticism about sustained upside. The current spot price is $50.96, trapped below key support levels, with heavy call open interest at $56 and put volume clustered between $42 and $44. Meanwhile, the S&P 500 (SPX) is trading around 5,260, facing resistance at 5,400 and a volatility trigger below 5,200, suggesting a cautious market environment as traders exhibit fatigue following volatile trading ranges throughout the week.