The Euro (EUR) is entering Monday’s NA session flat against the US Dollar (USD) as it extends its consolidation of last week’s gains, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

Markets are waiting for German ZEW sentiment survey figures

"This week’s highlight will be the release of German ZEW sentiment survey figures, scheduled for Tuesday. Consensus expectations are low, offering a potential source of sentiment-driven strength for the EUR in the event of a surprise."

"The ECB calendar is empty, and the outlook for relative central bank policy remains an important source of EUR strength as markets continue to soften their expectations for ECB easing."

"The RSI is neutral, reflecting EUR/USD’s recent recovery and its subsequent consolidation. The latest range has been incredibly tight, with congestion centered around 1.1650. We see the near-term range bound between 1.1620 support and 1.1700 resistance."