Investors seeking momentum may have Euro Trust Currencyshares Invesco (FXE Quick QuoteFXE - Free Report)  on radar now. The fund recently hit a new 52-week high. Shares of FXE are up approximately 10.37% from their 52-week low of $100.64/share.

But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.

FXE in Focus

The Invesco CurrencyShares Euro Trust is designed to track the price of the Euro, which is the currency of 19 European Union countries. It charges 40 bps in fees (see all Currency ETFs here).

Why the move?

After a tough negotiation, European Union leaders agreed on a massive stimulus plan (worth 750 billion euros) for their coronavirus-shattered economies in one of the longest EU summits in history last week. This key pandemic deal has been the main reason behind the latest euro rally.

More Gains Ahead?

Currently, FXE has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. So, it is difficult to get a handle on its future returns one way or another. The fund has a positive weighted alpha of 7.27. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.

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