In the forex market, the EUR/ZAR symbol denotes the currency pairing of the Euro against the South African rand - an exciting pair that offers plenty of volatility and opportunities that experienced forex traders can leverage to earn profits. The Euro is the second most popularly traded currency worldwide and is the official currency in use across 17 of the 27 member nations of the European Union. With high levels of liquidity, it is also considered one of the most stable currencies to invest in, owing to the strength of the Eurozone economy.The South African rand, on the other hand, is one of the most popularly traded emerging market currencies in the global forex market. The ZAR experiences high volatility on the back of geopolitical or economic uncertainty globally, and traders tend to avoid trading this currency during a risk-off sentiment. The value of the ZAR is also closely correlated with that of gold prices, as gold is a key export out of South Africa. As a result, a strengthening in gold prices tends to have a positive effect on the South African economy and currency, and drives the EUR/ZAR forex pair to trade bearish, and vice versa.