"The likelihood of gas rationing in Europe has increased significantly following the recent disruption of Russian natural gas supplies through the Nord Stream 1 pipeline," Fitch Ratings said in a report published on Thursday. "A technical recession in the eurozone is now an increasing possibility."

Market reaction

The shared currency stays under selling pressure on Thursday and the EUR/USD pair was last seen losing 0.3% on the day at 1.0408. Meanwhile, Euro Stoxx 600 Index is down more than 2%, pointing to a risk-averse market environment.