FXStreet (Edinburgh) - The single currency is now returning to the area of 1.1190/80 vs. the US dollar on Friday, with EUR/USD correcting lower from session peaks around 1.1240.

EUR/USD weaker amidst Greek rumours

The previous bull run lost vigour in the vicinity of 1.1240, sparking the current leg lower as rumours regarding Greece and the likeliness of a third bailout were hovering over the markets.

In the data space, mixed manufacturing PMIs in the euro region were largely ignored by markets, focused instead on the more relevant inflation figures for the last month, coming in higher than consensus and giving some oxygen to the euro. In the US, mixed results failed to boost the greenback: Personal Income/Spending and the key ISM Manufacturing disappointed traders, while Markit’s manufacturing PMI surpassed the median.

EUR/USD key levels

As of writing the pair is losing 0.04% at 1.1185 with the immediate support at 1.1100 (psychological level) ahead of 1.1098 (11-year low Jan.26) and then 1.1000 (psychological level). On the upside, a breakout of 1.1245 (high Feb.27) would target 1.1317 (10-d MA) and finally 1.1345 (21-d MA).