Forex Pros – The euro pared gains versus the U.S. dollar on Thursday, after U.S. Treasury Secretary Timothy Geithner said the United States and Germany agreed about the importance of putting in place more restraints on risk taking. EUR/USD advanced 0.7% to hit 1.226 during European midday trade, after slipping from the daily high of 1.2342. The pair was likely to find short-term support at 1.2144, last Thursday’s low and a 4-year low, and resistance at 1.2672, the high of May 21. Earlier in the day, Reuters quoted Geithner as welcoming what he called Germany's quick response to dealing with financial strains. Speaking at a press conference in Berlin, he said the U.S. was "completely committed to a cooperative global approach" to the crisis, the news agency reported. Meanwhile, the euro rose versus the yen, with EUR/JPY jumping 1.33% to reach 110.89. The single European currency surged against the greenback earlier in the day after China's foreign-exchange regulator denied that it is reviewing its holdings of euro zone debt, quelling fears that 16-nation region's debt crisis would scupper the global economic recovery.

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