  We investigate the electronic structure of EuFe$_{2}$As$_{2}$ using optical
spectroscopy and first-principles calculations. At low temperature we observe
the evolution of \textit{two} gap-like features, one having a BCS mean-field
behavior and another with strongly non-BCS behavior. Using band structure
calculations, we identify the former with a spin-Peierls-like partial gap in
$d_{yz}$ bands, and the latter with the transition across the large exchange
gap in $d_{xz}/d_{xy}$ bands. Our results demonstrate that the
antiferromagnetism in the ferropnictides is neither fully local nor fully
itinerant, but contains elements of both.
