• EUR/USD option users maintain a preference for EUR calls over puts

• Keeps option risk reversals well elevated for topside over downside strikes

• All expiry dates reached 5-year highs for topside strikes in early April

• Setbacks proving tame and longer date expiries maintain highs (see chart)

• Premiums accompanied by demand, too. Huge buyer 9-month 1.25's last week

• Those using barriers and trigger options have been moving them to 1.2000

• Related - Low-cost options to target next EUR/USD up-leg
EUR/USD 25 delta risk reversals

(Richard Pace is a Reuters market analyst. The views expressed are his own)