The single European currency is rising on Monday against the U.S. dollar on the back of the German election results, which led to the expected outcome. However, Germany's new conservative leader Friedrich Merz has yet to form a coalition government and not all details are clear yet. Despite the rise, EUR/USD is still within a range, although at its upper boundary, located in the area of 1.0500 level. Technically, it is too early to talk about a change of trend to an upward trend.