Global Corp is a multinational corporation that operates in various countries, generating revenues in multiple currencies. Recently, the company has experienced significant foreign exchange exposure due to fluctuating exchange rates between USD and EUR. The CFO is concerned about potential impacts on the company's financial performance and has asked you to provide recommendations on how to effectively hedge this currency risk.

As a financial analyst, discuss the various currency hedging strategies available to Global Corp. Your answer should include specific hedging instruments, the advantages and disadvantages of each strategy, and how these strategies could be implemented in practice. Additionally, address any factors that the company should consider when selecting a hedging strategy.