Nordea Research maintains a bearish bias on EUR/USD and is looking to add short exposure this week.
"Energy prices remain a hot topic in France (remember the yellow vests?), and even if France has been decently shielded against the energy crisis due to a large electricity production from nuclear plants, Macron is still under pressure to mitigate the energy price increase," Nordea notes.
"The energy crisis is far from being over as Russia is still not delivering any gas via the Mallnow station at the Polish/German border (or else Poland keeps it in Poland). This is the exact week Putin promised to start filling the German underground storages from. Can we take the Tsar at face value? We doubt it. It may be time to re-consider adding to EUR/RUB and EUR/USD shorts should the flow not begin this week," Nordea adds.