The euro rose against the U.S. dollar on Monday, pulling away from a two-year low but gains were expected to remain limited by disappointing German import data and as demand for the greenback continued to be broadly supported. EUR/USD hit 1.2264 during late Asian trade, the session high; the pair subsequently consolidated at 1.2259, rising 0.25%. The pair was likely to find support at 1.2132 and resistance at 1.2353, the high of December 18. Earlier Monday, official data showed that German import prices dropped 0.8% in November, compared to expectations for a 0.5% loss, after a 0.3% downtick in October. Meanwhile, the dollar continued to be underpinned after the Federal Reserve said last week that it would be “patient” before raising rates, guidance which it said is consistent with earlier assurances statement that rates would stay low “for a considerable time.” The central bank also acknowledged the improvement in the U.S. labor market and noted that the economy is making progress toward its goals in inflation and employment. The euro was higher against the pound, with EUR/GBP adding 0.12% to 0.7833. Trading volumes were expected to remain light on Monday, ahead of the Christmas Day Holiday.