still short on eurusd looking to add another positionEuro/US DollarFX:EURUSDOrmirCobaThe FX outlook from the Morfeus intelligence set remains dominated by oil, geopolitical duration risk, and uncertainty over how far central-bank pricing has overshot underlying fundamentals. ING argues that the prevailing “selleverything” regime favors the dollar, especially versus higher-beta currencies, while MUFG expects further USD appreciation if energy disruption intensifies because Asia and Europe are more exposed than the US to a stagflation shock. Goldman Sachs is more two-sided on the dollar medium term, keeping a neutral USD stance with hedges because a short-lived disruption would reopen the prior dollar-down narrative, but a prolonged energy shock would clearly support haven and terms-of-trade divergence trades. Across major pairs, the strongest recurring themes are: bearish EUR/USD due to Europe’s higher energy vulnerability; upside pressure in USD/JPY unless a growth scare pulls long-end yields lower; and a more nuanced CHF outlook, where safe-haven demand is balanced against explicit SNB resistance to excessive franc strength. MUFG keeps a negative EUR/USD bias and sees JPY weakness as fundamentally explainable via terms-of-trade deterioration and • • • outward investment flows, even as intervention risk rises near 160. ING expects USD/JPY to test and potentially break 160, while J.P. Morgan treats the pair as the key tactical range rather than a high-conviction directional trade. On positioning, the bank intelligence points toward selective USD preference rather than indiscriminate long-dollar exposure. Goldman prefers shorts in EUR/ USD, short EUR crosses, and short EUR/CHF. J.P. Morgan ranks short CAD as its highest-conviction desk view because it sees CAD as having underreacted to the oil/risk shock, while ING emphasizes USD versus higher-beta currencies. MUFG’s Asia FX work also highlights persistent foreign selling, pressure on KRW, PHP, THB and INR, and relative resilience only in CNY and MYR. Central bank overlay: ING sees Fed repricing as secondary to oil and risk sentiment in the near term; Goldman assumes the Fed remains on hold with cuts later in 2026 under its baseline, but flags upside risk if energy pressure persists; MUFG argues yield spreads become less reliable during crisis conditions and that USD strength can continue even if non-US front ends reprice more hawkishly.