Downside EUR/USD protection costs are growing

Risk reversals show which side of a market dealers deem most vulnerable

Sub 1-month expiries have lost their recent EUR call over put premium

EUR calls give holders the right to buy, EUR puts to sell EUR/USD

1-month expiry now 0.025 EUR puts, versus 0.4 EUR calls early last week

Suggests implied volatility/option premium can gain as EUR/USD falls

Implied volatility is off last weeks lows- 1-month 6.9 from 6.5 Friday

Comes amid fears EUR/USD correction may have room to run nL4N2JL0LG