FXstreet.com (Barcelona) - The Euro has rocketed 50 pips after Timothy Geithner affirmed he is open to consider a new global reserve currency. The Euro has jumped from below 1.3500 to maximum levels around 1.3650, although the Euro is returning to previous levels trading around 1.3550 at the moment on its way to 1.3500.
After Geithner clarified its position towards ChinaÂ´s suggestion, currencies have returned roughly to previous levels. Furthermore, Geithner has affirmed its commitment to maintain the Dollar as key reserve currency.
The Euro has dropped back about 100 pips from the top of the jump, and at the moment, trades around 1.3550. Next resistance level is 1.3575 and above here 1.3615. On the downside, 1.3500 is the closest support level: Below there, 1.3440 and intra-day low at 1.3415.