Credit Agricole CIB Research sees a limited scope for EUR downside in the near-term.

"Focus next week will be on the Eurozone PMIs and the German ifo for the month of May. More evidence that the Eurozone business sentiment gauges in particular continue to point at relative robust economic expansion from here could help ease further the worst of market recession fears. The data could further allow the ECB to focus on the task of bringing inflation under control and the speeches by a number of Governing Council members should confirm that," CACIB notes. 

"We further continue to expect that, as part of the policy normalisation, the ECB will emphasize rate hikes and thus help stabilise the EUR by keeping its short-term fair value supported," CACIB adds.