Goldman Sachs flags downside risks for EUR and prefers shorts on the EUR crosses.

"We think EUR-x shorts are going to be back on the agenda at some point soon, with EUR/CHF a very valid candidate. You have an ECB now that is going to be reluctant to hike, and hiking into a growth slowdown, and EUR is a currency that the market likes to attack from a positioning standpoint when you are hiking into that kind of slowdown," GS notes.

"On a longer-term basis, the other side of that trade is probably going to be an EM currency, but if you had to choose something in the G10 space to go against a EUR short, it would probably be long AUD or long NZD. A final point is on short NOKSEK structures: it is something being traded actively at the moment, given the downside optionality there - in cash, there has been adding back to this move above parity," GS adds.