We report on the investigation of the exchange bias effect in Fe layers on EuTe͑111͒, an antiferromagnetic semiconductor. For this ferromagnet ͑FM͒/semiconducting antiferromagnet ͑AFM͒ exchange bias system, we have found positive and negative exchange bias effect ͑EB͒. Fresh samples exhibit positive EB, independently of the applied cooling field, indicating antiferromagnetic coupling between the FM and the AFM layers at the Fe/EuTe͑111͒ interface. The change in EB with time, from positive EB for fresh samples to negative EB after short time,is attributed to aging effects at the Fe/EuTe interface.