Credit Agricole CIB Research adopts a slightly bearish bias on EUR/USD in the very near-term.

"A lot has happened since mid-March at the height of the banking turmoil, as in particular EUR money markets have moved back to price in more than 75bp worth of extra tightening by the ECB. While we do not disagree with such expectations, EUR-USD rate spreads still remain in our view at the mercy of a reality check with regards to the Fed prospects, as we continue to see any rate cuts embedded for the end of the year as premature," CACIB notes. 

"This thus leaves EUR/USD’s balance of risks rather tilted to the downside for the near term," CACIB adds.