Exchange traded funds tracking the euro’s movements against the dollar have gained ground this week on speculation austerity measures would pass in Greece. Now that the vote is in the rearview mirror, investors are trying to anticipate the euro’s next move.

It’s an important question because stocks have tended to follow the euro’s fluctuations versus the greenback recently.

CurrencyShares Euro Trust (NYSEArca: FXE) was up 7.6% for the year-to-date period ended June 28, according to Morningstar. The ETF profits when the euro strengthens against the dollar, and rose before the Greek vote. [Euro ETFs Rise with All Eyes on Greek Debate, Vote]

On the flip side, traders will be closely watching the Dollar Index to see if it can hold here after recently notching some “higher lows.” [Dollar ETF Could be ‘Tell’ for Commodities, Stocks]

“Despite another step forward in Greece with regard to the passage of austerity measures, the CurrencyShares Euro Trust failed to break out from its coiling consolidation of the past two months,” said Tarquin Coe, technical analyst at Investors Intelligence, in a newsletter Wednesday.

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