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I think the best choice here is goals under. This is the opening game for both teams. They will have easier opponents later on but the key goal here is to get through from the group stage and winning the first game will make that much easier.

Germany conceded no goals in qualifiers for EC, Sweden conceded 3 goals. Sweden mostly record unders as their defense is the best segment of their game. Since the start of 2016 until this EC, they played 17 unders in 28 games. It seems like there were a lot of overs at first glance but 7 out of those 11 were against much weaker opponents. That means only 4 games with powerful opponents finished as overs. Out of games they played in 2017, they have 8 unders in 10 games and not more than 2 goals were scored in any of them.

Germany have 5 unders in 10 games since the new coach took over. Looking at meetings with Top 10 teams (Sweden are one of them), they have 3 unders in 5 games (US 0-1, France 0-0, England 1-0) and two overs (Canada 2-1 and Brazil 3-1).

Head-to-head games don't go in favor of an under because 6 out of the last 7 were overs. The only under was in semis of last year's EC which Germany won 1-0. All these results happened when the team was lead by a different coach and 4 out of 6 were in friendly matches. Germany do not score easily against top defenses like Sweden's, like their results with the new coach prove.

I would be very surprised if these teams scored a lot of goals in the first game. I think under is a great option here but I would also say that the Germany not to score over 1 goals is interesting as well because Sweden conceded over one goal just 3 times in the last 2 years.