The euro climbed against its major rivals in the European session on Monday, after the German Chancellor Angela Merkel remarked that the euro is too weak and hence hurting German trade.

While speaking in Berlin, Merkel said that the weakness of the euro is driven by the European Central Bank's monetary policy and not reflected by fundamentals.

"The euro is too weak - and that's because of ECB policy - and so German products are cheap in relative terms," she told.

The euro advanced to a 6-1/2-month high of 1.1236 against the greenback, near 2-month high of 0.8644 against the pound and a 5-day high of 125.25 against the yen, off its early lows of 1.1161, 0.8600 and 124.12, respectively.

The euro rebounded to 1.0909 against the franc and 1.6153 against the kiwi, from its early low of 1.0882 and a 4-day low of 1.6053, respectively.

The euro climbed to a 4-day high of 1.5071 against the aussie, after having fallen to 1.4965 at 3:30 am ET.

Reversing from an early 5-day low of 1.5085 against the loonie, the euro edged up to 1.5173.

The next possible resistance for the euro is seen around 1.11 against the franc, 0.88 against the pound, 128.00 against the yen, 1.14 against the greenback, 1.53 against the loonie, 1.53 against the aussie and 1.64 against the kiwi.

Grafico Cross Euro vs CHF (FX:EURCHF)

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Grafico Cross Euro vs CHF (FX:EURCHF)

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