Thanks Starbuk. I believe I'm correct. If EURUSD depreciates, then USD buys more EUR meaning you'd get MORE euros for one buck. So you'd gain on fx plus capital gains on your investment.
check out any recent EUR/USD chart, you'd see the EUR has been appreciating and USD been depreciating, and if you were to invest in the EU market then you're value of investment would have been offset by the fx if it was unhedged.