EUR/USD nearly challenged resistance at 1.1991 during the overnight trade. That level marks the 38.2% Fibonacci retracement of the sell-off from the Feb. 25 high of 1.2243 to the March 9 low of 1.1836.
The pair is currently trading at 1.1981, representing a 0.6% gain for the week, having put in a low of 1.1836 on Monday.
The long tail attached to the weekly candle indicates seller fatigue and neutralizes the immediate bearish view.
That said, the outlook would turn bullish if and when the pair takes out resistance of the trendline falling from January and February highs.
Weekly chart
Trend: Neutral
Technical levels
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