Euro Rebounds After Far-right Party's Election Win In Italy

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The euro rose against its most major counterparts in the European session on Monday, as Giorgia Meloni's right-wing coalition has claimed victory in Italy's parliamentary elections held on Sunday.

Meloni, who is head of the nationalist Brothers of Italy party, has won the election and is on course to become first female Prime Minister.

Provisional results suggested that the right-wing coalition has got 42.3 percent of the vote in the lower house.

Meloni's right-wing alliance, which includes Matteo Salvini's League, and Silvio Berlusconi's Forza Italia, has gained a parliamentary majority in the snap election.

European shares are trading mixed, as investors continue to worry about the worsening economic outlook in the region.

The euro recovered to 0.9701 against the greenback, after touching 0.9553 at 8:55 pm ET, which was its lowest level since June 2002. If the euro climbs further, 1.08 is likely seen as its next resistance level.

The euro rebounded to 139.44 against the yen and 0.9554 against the franc, from a 4-week low of 137.36 and a record low of 0.9403, respectively seen in the Asian session. The euro is seen finding resistance around 141.00 against the yen and 1.05 against the franc.

The euro recovered to 1.3188 against the loonie, after a fall to near a 3-week low of 1.3000 at 8:55 pm ET. On the upside, 1.35 is likely seen as its next resistance level.

The euro climbed to 4-day highs of 1.4883 against the aussie and 1.6908 against the kiwi, from its Asian session's near a 2-week low of 1.4720 and a 5-day low of 1.6774, respectively. The next possible resistance for the euro is seen around 1.53 against the aussie and 1.74 against the kiwi.

In contrast, the euro pulled back to 0.8931 against the pound, from its Asian session's 2-year high of 0.9278. The euro may locate support around the 0.86 mark.

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