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.
