Euro headed back to 1.30?

The European single currency pierced a key level of technical resistance and past a certain point further gains might trigger another large move higher, according to technical analysts.

On Tuesday, the euro closed above 1.12996 - its November 2016 highs - opening the way for a move towards 1.15, according to Jose Maria Rodriguez, technical analyst at Web Financial Group.

To back up his claims, Rodriguez pointed towards the downward sloping price channel on weekly euro-dollar charts, the upper part of which was then running at 1.15.

Yet the most important level to watch was 1.16163, the euro's 2016 highs.

If that mark were breached then price charts would in theory be flagging that a move towards the upper part of the long-term price channel - now at 1.30 - might be on the cards.