"This combined with fears that the March result might be even lower is likely to keep alive speculation as to whether the ECB might cut rates once more after all. The area around $1.3970 will have to constitute a natural barrier. In the end the risk-reward-ratio is more attractive on the downside."
The euro was down 0.2 percent at $1.3883, off a 2-1/2-year high around $1.3967 touched last Thursday, before European Central Bank President Mario Draghi knocked it lower when he voiced concerns about its strength.
(Ukraine could be a threat to markets 'for a while yet'
Against the yen, the euro was flat at 140.98 yen off a session high of 141.34 yen struck in Asia. It remained well shy of its March 7 high of 143.79 yen, which was its highest since Jan. 2.
Some attributed the yen's resilience to short-covering along with traditional safe-haven plays.
The latest data from the Commodity Futures Trading Commission released on Friday showed that speculators pared bullish bets on the U.S. dollar for a fifth straight week through March 11, with net longs falling to their lowest in more than four months.
Overall, though, investors have maintained net long positions on the dollar for 19 consecutive weeks. The last time speculators were short the greenback was in late October 2013.