If you blinked, you might have missed it.
Paul Richards, head of global FX at UBS, thinks there is more upward movement to come.
"This was the death stock a year ago, wasn't it? It's been quite a bounce," he told CNBC's Scott Wapner. "The only reason it's not going higher right now is just sticker shock."
Once investors collect themselves, Richards says, a number of factors will keep the euro rising. For one thing, he says, European Central Bank President Mario Draghi said recently that 2012 was the relaunch of the euro - his latest bold declaration of euro support. Also, European exporters appear to be underweight in the euro, and they will need to buy in order to hedge their sales.