The European common currency pared its earlier advance, falling from two-week high versus the U.S. dollar, as Greek officials struggle to struck a deal with creditors, after three consecutive days of negotiations, over the size of losses to be bared by creditors.

Now, there are fears that another break in talks may make Greece prone to a disorderly default as in early as in March since the government has to repay 14.5 billion euro of debt in March to avert bankruptcy.

After seeing successful auctions by many euro area nations this week which along with upbeat U.S. data caused an improvement in the sentiment, attention is one again to Greece before EU finance ministers meet in Brussels and policy makers and business leadersmeet at the annual meeting for the World Economic Forum next week.

Correctional movements are now predominant after the rebound seen by high-yielding currencies at the expense of their haven counterparts this week.

Concerning the EUR/USD, the pair dropped over daily basis to trade around 1.2910 after recording a high of 1.2985 and a low of 1.2888.

The trading range for today is among the major support at 1.2795 and the major resistance at 1.3195.

Oppositely, the dollar index (USDIX), which tracks the dollar movements versus a basket of major currencies, rebounded to touch a high of 80.43, after getting strong support at 80.00 levels, compared with the day's starting level of 80.05.

As for the USD/JPY, it is currently trading near the day's opening level around 77.10 after reaching a high of 77.30 and a low of 77.03.

The trading range for today is among key support at 76.00 and key resistance now at 78.45.

Later in the day, U.S. existing homes sales report will show 5.2% rise in December compared with 4.0% in November.

Moving to the GBP/USD pair, it slipped on the daily charts, following the general trend in the market, despite the improvement in U.K. retail sales which soared 0.6% last month from the revised -0.5% a month earlier.

The pair is currently hovering around 1.5445 while recording a high of 1.5458 and a low of 1.5413, while the trading range for today is among key support at 1.5230 and key resistance at 1.5680.