The euro strengthened against its major counterparts in the European session on Monday, as Eurozone investor confidence improved more-than-expected in October and U.S. political uncertainty reduced after President Donald Trump's medical team suggested that he could be discharged from the hospital as early as today.

Risk sentiment improvement after Trump's medical team suggested that his condition is improving following treatment for Covid-19 and could be sent back to the White House today. "It's been a very interesting journey. I learned a lot about COVID," Trump said, standing in his hospital room in a video posted on social media. "I learned it by really going to school." He added, "I get it, and I understand it."

Investors are pinning hopes that America will pass a new stimulus bill sooner rather than later. Trump tweeted over the weekend that the U.S. "wants and needs stimulus".

House Speaker Nancy Pelosi told CBS in an interview that progress was being made on coronavirus relief legislation to respond to the economic fallout from the coronavirus pandemic.

Survey data from Sentix showed that Eurozone economic index rose better than forecast in October.

The investor confidence index came in at -8.3 in October, better than expectation of -9.5. Nonetheless, it was down from the September score of -8.0.

The EUR/USD pair hit a 4-day high of 1.1754, versus Friday's trading close of 1.1714. The euro is seen finding resistance around the 1.20 mark.

Extending early rally, the euro appreciated to a 4-day high of 124.18 against its Japanese counterpart. The pair had finished last week's deals at 123.39. Next key resistance for the euro is likely seen around the 127.5 level.

The latest survey from Jibun Bank showed that the services sector in Japan continued to contract in September, albeit at a slower pace, with a seasonally adjusted services PMI score of 46.6.

That's up from 45.0 in August, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

After falling to near a 3-week low of 1.0735 at 7:30 pm ET, the euro rose to 1.0778 against the franc. Should the euro rallies further, it is likely to test resistance around the 1.10 region.

The euro bounced off to 1.5599 against the loonie, from a 1-week low of 1.5561 seen at 3:00 am ET. The euro is likely to face resistance near the 1.58 region.

The euro recovered to 1.7688 against the kiwi and 1.6373 against the aussie, reversing from near 2-week lows of 1.7618 and 1.6308, respectively hit in early deals. The next possible resistance for the euro is seen around 1.82 against the kiwi and 1.66 against the aussie.

In contrast, the euro pulled back to 0.9059 against the pound, from a high of 0.9088 set at 3:00 am ET. The euro may face support around the 0.88 mark.

Looking ahead, the U.S. ISM non-manufacturing composite index for September will be out in the New York session.

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