It took six attempts for the euro to break the $1.1300 resistance level this month. One day after breaching the barrier, the common currency is fast approaching the next line in the sand amid a rally that now has analysts pondering what it will take to slow the best-performing major currency this quarter.

For chartists from JPMorgan to RBC, there are few obstacles remaining before the euro lifts off in a sustained rally amid fading political risks and a monetary policy shift on the horizon. With the $1.13 post-U.S. election high giving way, $1.1428, a level last reached as traders awaited the result of the U.K.'s vote to leave the European Union a year ago, remains one of the last lines of defense for euro bears before the common currency advances to the $1.17 area last seen in August 2015.

“The November high was really important and we did push through it,” said Niall O'Connor, a technical analyst at JPMorgan. “If we do break through the $1.16-17 zone, there's really not a whole lot of resistance. We'll start talking about a bigger base breakout for the euro.”