Euro Retreats As Greece Optimism Fades

The euro trimmed its early advance against its major counterparts on Friday, as the Eurogroup leaders expressed frustration about the lack of progress over Greece reforms and refused to release financial aid until Greece come up with the comprehensive reform list.

At the press conference following the meeting in Riga, the euro group chief Jeroen Dijsselbloem said that Greece must present comprehensive and detailed list of agreed reforms, based on the February 20 agreement, before any disbursements can be done.

The officials criticized Greece's finance minister Yanis Varoufakis for the method of handling the issue, accusing him of delaying time and playing with Greece's future.

The Eurogroup will meet on May 11, when they will assess Greece again.

The euro strengthened against its most major rivals on Thursday, as talks between Greek Prime Minister Alexis Tsipras and German Chancellor Angela Merkel were deemed constructive.

The currency finished the Asian session higher, but has eased in European deals.

The euro edged down to 0.7147 against the pound and 1.3858 against the aussie, off early 4-day high of 0.7211 and a 9-day high of 1.3976, respectively. The next possible downside target for the euro may be found 0.70 against the pound and 1.35 against the aussie.

The euro reversed from early more than 2-week highs of 1.0899 versus the greenback, 130.10 against the yen and 1.4393 against the kiwi, edging down to 1.0813, 128.84 and 1.4266, respectively. If the euro continues its downtrend, it may challenge support around 1.07 against the greenback, 128.00 against the yen and 1.42 against the kiwi.

The euro, which climbed to more than a 2-week high of 130.10 against the yen at 4:30 am ET, slipped to 128.84. The euro is seen finding support around the 125.00 mark.

The euro pared gains to 1.0323 against the Swiss franc, after climbing to 1.0377 at 3:15 am ET. Next key support for the euro is possibly seen around the 1.025 region.