The , 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.

"The chart of the euro shows significant upside," technical analyst Rich Ross said Thursday on CNBC's "Trading Nation."

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."

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