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4 ways to play the currency wars

The euro continues to tumble against the dollar after the European Central Bank's decision to expand its stimulus program in the euro zone. The euro's slide deepens in a year when the dollar has floated higher against numerous currencies.

"The best case you can hope for is a much, much lower euro, but in the short term, you're not going to get that because we've gotten so oversold," said CNBC "Fast Money" trader Brian Kelly.

Read MoreCurrency war: Who will be the casualties?

With sharp currency movements mounting, uncertainty weighs on markets. "Fast Money" traders looked at plays in exchange-traded funds that would yield gains with choppy currencies.

People queue outside a currency exchange office in Geneva, January 16, 2015.
Pierre Albouy | Reuters
People queue outside a currency exchange office in Geneva, January 16, 2015.

The iShares MSCI Germany ETF caught Kelly's eye. He sees a short play in the index, which is linked to German equities and ended slightly lower on Friday.

"I think that Europe still continues to go down the recessionary path," Kelly said.

Trader Tim Seymour also chose to play negative sentiment in Europe. Last week, he said to short the euro-linked Guggenheim CurrencyShares Euro Trust, and he said now may be the time to cover the euro short.

Read MoreCurrency expert: Euro going 'well below parity'

Traders Steve Grasso and Guy Adami saw opportunity in commodities-linked ETFs. Grasso looked at the ProShares UltraShort Oil and Gas.

"I think the dollar goes higher, the euro goes lower. I think oil goes lower as well," Grasso said.

Adami touted the Market Vectors Gold Miners ETF, as he believes miners will benefit as more investors turn to gold.

Disclosures:

Tim Seymour

Tim Seymour is long AAPL, BAC, C, DIS, F, GE, GM, GOOGL, INTC, BX and SUNE. Tim's firm is long BABA, BIDU, CCU, DSKY, KNDI, MCD, NKE, NOK, SINA, SBUX, TSL and VIP.

Steve Grasso

Steve Grasso is long AAPL, BA, CLVS, EVGN, FB, GDX, GOOGL, IMMR, KBH, KDUS, MHY, MJNA, NVIV, PFE, POT, SO, T, TMUS, TWTR and YHOO. His kids are long EFG, EFA, EWJ, IJR and SPY.

Brian Kelly

Brian Kelly is long BTC=, Gold, US Dollar, HYG puts and TWTR call spreads. He is short EWA, EWG, EWQ, EWZ, EWH, EWW, HGH5, Yen, Australian Dollar, British Pound and Canadian Dollar.

Guy Adami

Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.