The euro is unlikely to see a massive upswing Thursday as central bankers meet to discuss the end of monetary stimulus in the region, analysts told CNBC.
The common currency has been recovering from political shocks over the last few weeks, trading Monday at $1.1790. This comes as central bankers have signaled they are due to prepare the end of its four-year-long monetary stimulus program.
Although such discussions would usually push a currency higher on the anticipation of higher yields, analysts are not predicting any solid gains for the euro.
"We doubt there is sustained scope for strengthening into the policy meeting," Todd Elmer, a foreign exchange strategist at Citigroup, told CNBC via email. "With no immediate change in policy forthcoming, the question is whether policymakers begin to signal the eventual roadmap for exiting recent accommodation."
He added that the ongoing rally in the euro is more about a readjustment in short-term positions, rather than on expectations that the European Central Bank (ECB) will change its policy.