The euro rose to $1.3915 on Friday - its highest level since October 2011 - after the central bank upped its growth forecast for the euro zone in 2014, and kept rates unchanged.
"I do see the euro moving higher, we had quite a bit of technical damage done right after the ECB press conference, as we broke through the $1.38 barrier," Michael Woolfolk, senior FX strategist at BNY Mellon, told CNBC.
"The market is now probing into what the new ceiling is going to be for the new trading range, it wouldn't surprise me to see the euro testing the $1.40 level in the next week or two," he added.
The euro fell back against the dollar on Friday following stronger-than-expected employment data out of the U.S., but remained 0.5 percent higher.
Jane Foley, senior currency strategist at Rabobank, said that although the U.S. jobs data was positive, it was perhaps not enough to shore up the dollar.
"For the dollar to turnaround, the market needs to see a whole catalog of strong U.S. data – what we've seen recently is the market revising down its first-quarter growth forecast for the U.S.," she told CNBC.
(Read more: Euro to strengthen even on ECB easing?)
"If there is another month or two of weak data, we could certainly maintain this higher trading range for the euro/dollar," she added. Over February, the euro has gained almost 2.5 percent against the dollar.