One-month risk reversal for the EUR/USD, a gauge of calls to puts, snapped a two-day downtrend, jumping the most since May 07, for Monday, per the latest data from Reuters.

The pair bulls seem to cheer the Fed’s efforts tame rate-hike concerns ahead of Chairman Jerome Powell’s testimony.

That said, the risk reversal flashes the +0.079 level, favoring EUR/USD bulls by the press time. The positive reading indicates call options are drawing a higher premium (option price) than put or bearish bets.

Technically, EUR/USD pulls back from 61.8% Fibonacci retracement of the March-May upside amid a receding bearish bias of the MACD signals, which in turn favor further weakness on the currency major.

Read: EUR/USD Price Analysis: Further upside appears elusive whilst below 1.1930