The euro appreciated against its major counterparts in the European session on Monday, as investors focused on peace talks between Russia and Ukraine to be held in Turkey this week, while expectations for rate hikes by the European Central Bank increased amid high inflation.

Ukrainian President Volodymyr Zelenskiy said that his government is ready to consider Russia's demand of adopting a neutral status to resolve the conflict.

"Security guarantees and neutrality, non-nuclear status of our state. We are ready to go for it," Zelenskiy said in a video address on Sunday.

Turkish President Tayyip Erdogan spoke with his Russian counterpart Vladimir Putin on Sunday and called for a ceasefire between Russia and Ukraine, the implementation of peace and the improvement of humanitarian conditions in the region.

In an attempt to diffuse tensions, German Chancellor Olaf Scholz said that neither NATO nor U.S. President Joe Biden intends to seek regime change in Russia.

Money markets are expecting four quarter-point rate hikes by March next year that would take the ECB's deposit rate to 0.50 percent.

The euro firmed to a 4-day high of 1.0302 against the franc and a 6-1/2-year high of 137.54 against the yen, off its prior lows of 1.0215 and 133.97, respectively. If the euro rises further, it may find resistance around 1.05 against the franc and 139.00 against the yen.

The euro rose to 1.0999 against the greenback and 0.8368 against the pound, up from its early nearly a 2-week low of 1.0945 and a 4-day low of 0.8321, respectively. The euro is likely to face resistance around 1.12 against the greenback and 0.86 against the pound.

The euro rebounded to 1.4635 against the aussie, 1.3734 against the loonie and 1.5859 against the kiwi, after falling to a 4-1/2-year low of 1.4535, 6-1/2-year low of 1.3673 and a 3-week low of 1.5751, respectively in prior deals. The euro is seen finding resistance around 1.48 against the aussie, 1.39 against the loonie and 1.62 against the kiwi.

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