Economists at Nomura maintains a bearish bias targeting a move towards 1.10 in EUR/USD. They believe the trigger level for a material de-risking is around 1.1434.

Europe faces a tougher winter ahead than the US

"We suspect that buying pressure may already be over as Europe faces a tougher winter ahead than the US and UK with higher levels of naturally acquired immunity. Positioning amongst CTAs is short EUR/USD, but we believe the trigger level for a material de-risking is around 1.1434." 

"We doubt EUR/USD will get to 1.1434 as US inflation data this week could yield another positive surprise. We remain short in EUR/USD in spot, looking for a move towards 1.10."