The ECB's kept interest rates at a historic low of two percent as expected but markets were focused on whether bank chief Jean-Claude Trichet would use his news conference at 1330 GMT to signal a shift in his hitherto relaxed attitude to the euro's rise.
German Economy Minister Wolfgang Clement and European Union Trade Commissioner Pascal Lamy both expressed concerns about strength of the euro, which has leapt more than 10 percent against the dollar in the past two months, bringing its gains over the past two years to more than 40 percent.
"There was a bit of nervousness about Trichet at first, but as the hour approaches maybe some people are taking their chips off the table of this dollar correction," said Peter Fontaine, currency strategist at KBC in Brussels.
"I don't think Trichet will deliver any earth-shaking news."
At 1305 GMT, the euro was steady on the day at $1.2624 after easing to $1.2562 in early European trade, 2-1/2 cents below record peaks scaled on Tuesday.
The dollar was steady near three-year lows around 106.00 yen, with dealers wary of continued dollar-buying intervention by Japan.
Germany's Clement said he hoped for a signal on the euro from the ECB and that he favoured a reduction in interest rates given the state of the eurozone economy.
Lamy said the euro's exchange rate against the dollar was approaching a level that could be worrying for competitiveness in the 12-nation single currency zone.
However, traders say it may be difficult for the ECB to warn strongly against currency strength since bank officials have recently said the euro's value corresponded to long-term averages and that they wanted a strong and stable currency.
"If there is going to be a comment from the ECB it is more likely to focus on the speed of adjustment, as opposed to the level itself," said Shahab Jalinoos, currency strategist at ABN Amro.
Earlier on Thursday, the Bank of England left interest rates steady at 3.75 percent for the second month in a row after having raised them for the first time in nearly four years in November.