Explanation-A 1.2400 exotic One Touch option expiry today

I would appreciate if someone can explain following to me:

"EUR/ USD - A 1.2400 exotic One Touch option expiry today( roll off)"

What does it mean and how does it effect USD in this case?

Thanks

Michael

Let me just say that my understanding of options is limited, however my interpretation of that is:

A one touch option is when you "bet" (for want of a better word) that an exchange rate, in this case the EURUSD will reach a certain level at least once (i.e touch once .. one touch). However there is a time limit allowed for that touch, hence that news release is saying there is a one touch option expiring shortly at 1.2400, hence, the assumption is that that level will be protected by those that don't want that option met.

Would mean to me to look for resistance on the EUR/USD above 1.2400 today (can't see it moving that far anyhow).

Like I said my option knowledge is limited so I may have this completely wrong .. please correct me anyone if I have.

I have an excellent pdf article on The market price of one-touch options in foreign exchange markets. It details what they are and they can be used I know I am not allowed to post a link as I have under fifty post so I will just post it as plain text
www.mathfinance.de/wystup/papers/OT_derivativesweek.pdf