Dennis
I would call that thin red line a pencil band as well. Technically, a watermark is a LIGHTER eye zone than the petal color and the brighter color of the eye is not lighter to my eye, so I agree with Steve that your example is a banded eye zone.
There is a lot of room for innovation in working with watermarks as new colors are appearing in watermarks and they are getting larger and larger and taking on new shapes when they are crossed with unusual forms. The clarity that you see in watermark colors of late is just outstanding!! That will make it easier to produce clean watermarks in shades of apricot, pink, orchid, melon, pure white, green and chartreuse, as well as multicolored! Watermarks are relatively easy to work with, too. Love em!!! Love em!!! Love em all!!!