Forex: EUR/USD nears 1.3700 after impressive bounce

After a short-lived dip to the 1.3585 zone, the EUR/USD bounces sharply and managed to break above the 1.3675 area to hit a fresh 14-month high of 1.3696 as investors saw the latest fall as a buying opportunity.

EUR/USD has risen over 100 pips within the last minutes and it is currently quoting at the 1.3685 zone, recording 0.8% daily gain.

Markets are seeing a lot of volatility today in the wake of the US nonfarm payrolls report and a stronger-than-expected ISM PMI, which has left the EUR/USD in a wild ride on Friday and nearing the 1.3700 level.