Nevertheless, currency traders don’t believe the turnaround will last long.

“This is largely because of the slowdown we see in the U.S. and shifting expectations of the timing of rates increase there,” Goldman Sachs Chief Global Equities Strategist, Peter Oppenheimer, told CNBC. “But ultimately I think it’s likely that rates are going to rise in the U.S. well before they do in Europe and those interest-rate differentials will move the currency still quite a long way.”

More aggressive currency traders can also capitalize on the turn in the European euro through inverse ETF options. For instance, the ProShares Short Euro (NYSEArca: EUFX) is designed to provide 100% of the inverse, or opposite, return of the U.S. dollar price of the euro, on a daily basis and the ProShares UltraShort Euro (NYSEArca: EUO) provides 200% of the inverse return of the U.S. dollar price of the euro on a daily basis. Additionally, the Market Vectors Double Short Euro ETN (NYSEArca: DRR) tracks the Double Short Euro Index, which also provides a -200% exposure to the euro.

CurrencyShares Euro Currency Trust

For more information on the EUR currency, visit our euro category.

Max Chen contributed to this article.