We analyse the EURZAR in the same manner as we did the USDZAR in our note FX Insight: ZAR – Consistency in extreme peaks, dated 8 May 2020. Rand weakness in the current cycle seems to have peaked at extremes against the EUR similar to those seen in 2001, 2009 and 2016. This is consistent with what we have observed in the USDZAR. Our analysis suggests that the EURZAR should be below 17.00 rather than at the current level around 19.20. As a result, we set a target for the EURZAR of 17.00. Like our USDZAR target, we view this as a six- to nine-month target (with bias for this to be reached sooner rather than later).