The euro, which was one of the biggest consensus shorts in the first quarter, has skyrocketed—soaring nearly 9 percent from its low hit just three weeks ago. And one technician, who recently called for a steep correction in the currency, said the charts are now setting up for an even bigger rally.
Just two months ago, Ross called for a 30 percent correction in the euro, predicting it could plunge from $1.06 to 80 cents. But since then, the market has seen a swift reversal. "We see this higher low that we established in the middle of [last] month. And we've seen a big surge since that low from about $1.05 to the current $1.13."