Yep, Bf 110 E, M8+ZE of the Gruppenstab of II./ZG 76.
Normally, for II. Gruppe, the last letter would be 'C'.
WHat happened was that II./ZG 76 received a Bf 110 (from V.(Z)/LG 1, I believe) that had the last two characters in the fuselage code 'XB'. So a white band was painted over the right hand side of the 'B', changing it to an 'E'. Subsequently, the Gruppenstab of II./ZG 76 used the letter 'E' as the fourth character of their fuselage code, which is what you see here.
The 'Z' in the fuselage code would be in green, outlined with white.