Credit Agricole Research recommends selling EUR/USD and EUR/GBP into this month-end fixing.

"Our corporate flow model is pointing to EUR selling at the end of the month. In our combined strategy, we therefore use the signals of our corporate flow model and sell the EUR vs an equally-weighted basket of USD and GBP," CACIB notes.

"The combined trading strategy has yielded an annualised return of 3.1% since 2012, with a hit ratio of 72.3% and Sharpe ratio of 1.7," CACIB adds.