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One-month risk reversal on EUR/USD, a gauge of calls to puts on the shared currency, has recovered to -0.025, having hit an eight-month low of -0.632 on Jan. 18. 

The metric’s recovery to near-zero levels indicates that excess demand for puts relative to calls has fizzled out. In other words, the options market has shed the bearish bias. 

EUR/USD is currently trading mostly unchanged on the day near 1.2170. The pair’s pullback from the Jan. 6 high of 1.2349 ran out of steam near 1.2050 on Jan. 18.