EUR/USD: Options market turns most bearish since late January

One-month risk reversal for the EUR/USD, a gauge of calls to puts, dropped the most since the week ended on January 29 during the last week. It’s worth mentioning that the options market catalyst drops for the fourth consecutive week with the latest update.

Although the data justifies the EUR/USD pair’s sideways grind in the last two weeks, the bulls keep the bears are far from the entry.

Risk reversals flash the -0.148 weekly level, favoring EUR/USD bear by the press time, according to data provided by Reuters. The negative reading indicates call options are drawing a lesser premium (option price) than put or bearish bets.

Technically, an upward sloping trend line from March-end, around 1.2180, joins the recently recovering MACD conditions in favor of buyers to keep bears away.

Read: EUR/USD Price Analysis: Two-month-old support line defends bulls near 1.2200