EUR/USD Consolidates Near 1.1620 After Bullish Gap-Up at Weekly Open

EUR/USD gapped higher at the Asia-Pacific open on Monday, initially extending gains before encountering selling pressure that pushed the pair to a session low of 1.15937. Buyers re-emerged at that level, lifting the pair back toward a session high near 1.1622, establishing a consolidation range for the early week. The bullish gap reflects positive weekend sentiment, likely driven by improved risk appetite following geopolitical developments including the Iran nuclear deal. Key intraday support has formed at the 1.1594 session low, while resistance sits near the 1.1622 high. A sustained break above 1.1622 could open the path toward the 1.1650 area, whereas a failure to hold 1.1594 may trigger gap-fill selling back toward Friday's close. Traders should monitor upcoming US economic data releases and Federal Reserve commentary this week for directional catalysts. The consolidation pattern suggests the market is digesting the gap move, and a breakout from the current range will likely set the tone for the remainder of the session.