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EUR/USD skyrockets as USD slumps

FXstreet.com (Córdoba) - The EUR/USD gained over 140 pips since the beginning of the American session and having left several resistance levels behind, it recently printed a 1-month high above 1.3100.

EUR/USD staged an impressive rally propelled by an unexpected contraction in the US manufacturing sector and reached a high of 1.3107 before slowing just ahead of the 100-day SMA.

At time of writing, EUR/USD is trading at the 1.3080/90 area, where it records a 0.7% gain on the day. Above 1.3110 (100-day SMA), next resistance is seen at 1.3175 (May 9 high).

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