EUR/USD risk reversals - A rise to 1.25 may have revived demand for EUR calls

• EUR/USD risk reversals turn positive. 
• One-month ATM vols rise, but still below recent highs. 

EUR's rally to 1.25 levels seems to have boosted demand for the bullish bets (call options) on the common currency. 

EUR/USD one-month 25-delta risk reversals are being paid at 0.125 EUR calls today as opposed to 0.025 EUR puts the day before yesterday, meaning EUR calls are in demand. 

The one-month at the money options volatility gauge also increased to 7.5 from 7.25 but remains below the recent high of 7.80.