"Over time, there's upside risk to the euro, so assuming the LTRO goes well, the euro will be between $1.35 and $1.40 within three months," says Steven Englander at Citi.

The LTRO is the ECB's discount loan program for banks. "The LTRO has reduced the risk of the worst outcome and that is strongly priced in," he said.

"The bad news is well known but is there good news to come?" If so, the common currency could see stronger gains than it did Wed, when it mustered only a slight move higher at $1.3248 from $1.3235 late Tue, according to EBS via CQG.