Trade it: 8 ways to play the surging euro

Arnd Wiegmann | Reuters

With the euro surging, CNBC Pro used Kensho, an analytic tool used by hedge funds, to find the best ways to trade it short term if the currency continues to rise on the ECB's lack of substantial quantitative easing action.

Kensho found that the Guggenheim CurrencyShares Euro Trust (FXE), which seeks to track the price of the euro versus the dollar, traded 2 percent higher over a five-day trading period 49 times in the last decade. During those five-day periods of euro strength, here were the best performing primary sector ETFs: (The FXE was already up nearly 2 percent as of this writing.)

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