"The debate shifts to what measures the ECB will take and that will be enough to cap the topside of the euro," analysts from Belgian bank KBC said in a morning note.
"So, we now look (at) whether Draghi's guidance has enough credibility to install a sell-on-upticks pattern for the euro."
Dollar steady elsewhere
If the euro's strength has been this year's big surprise for markets, then it is largely in the context of the dollar's failure to make good on the raft of calls in January for it to strengthen.
Against the yen the dollar was little changed at 101.70 yen , still not far from a three-week low of 101.43 yen set on Wednesday. Likewise, sterling held steady at $1.6926 within striking distance of $1.70 - a level it has not broken since August 2009.
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For the week, the greenback is down 0.5 percent against the yen, weighed down by persistently dovish comments from the Federal Reserve and low U.S. Treasury yields.
"If you ask whether dollar/yen is going to head higher or lower, I think downside risks are increasing," said Satoshi Okagawa, senior global markets analyst for Sumitomo Mitsui Banking Corporation in Singapore, adding that the greenback could head gradually lower against the yen.
Simmering tensions in the Ukraine have also supported the safe-haven yen currency and the market kept an eye on a May 11 separatist referendum.
Pro-Russian separatists voted unanimously on Thursday in favour of holding a referendum on independence, defying calls by Russian President Vladimir Putin to postpone the vote to open the way for talks with the Kiev authorities.
The Australian dollar eased 0.1 percent to $0.9364, edging away from a three-week high of $0.9395 hit on Thursday, when it gained a lift from upbeat Australian and Chinese economic data.