"It is unhelpfully strong, but it is not preventing euro zone from recovering," said European fund manager at Schroders, James Sym .
"The strong euro is quite good for my portfolio, as I am overweight companies with domestic exports," he said.
Read MoreTargeting the euro is not a solution: ECB's Praet
The euro was flat against the dollar at $1.36 on Wednesday ahead of the minutes from U.S. Federal Reserve's latest meeting.
A stronger euro makes euro zone exports more expensive in the global market, thereby hindering the euro zone's efforts to grow and regain its competitiveness.
Further fueling the debate on the effects of a strong single currency, the ECB's executive board member, Peter Praet, rebuffed claims that the central bank should intervene in the strength of the currency, adding that one of the reasons the euro is strong is because of the "regained trust" in the currency bloc.
"We have capital inflows, where foreign investors are buying securities, especially in the peripheral countries - that is pushing the currency up," he told CNBC in Paris.
Read MoreA strong euro requires different policy mix
Praet said a weaker currency may help European firms in the short term but longer-term, reforms and innovation are needed to boost competitiveness in the euro zone.
Currency strategists said it is only a matter of time before euro bears are rewarded.
"We may be in a 1.35-1.37 range for July/August, but the stage is being set for a move down from September onwards if the U.S. sees a pick-up in both wage growth and in inflation after the holidays," said global head of currency strategy at Societe Generale, Kit Juckes.
Technical strategist at Bank of America Merrill Lynch, MacNeil Curry said the bank is bearish and short on the euro/dollar. The "bear trend is resuming after a two-month hiatus", he said, with initial targets seen at $1.32 before October.