Consider that last week the foreign exchange rate between Brazil and Germany was $1$ Real $=0\mathrm{.}22$ Euros, meaning $1$ Real bought $0\mathrm{.}22$ Euros last week. However, this week the exchange rate changed and is currently $1$ Real $=0\mathrm{.}27$ Euros. Therefore you can say that the Euro:

Group of answer choices

is undervalued relative to the Real

is overvalued relative to the Real

depreciated against the Real

appreciated against the Real