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Since its big breakout move on December 12th, the ProShares UltraShort Euro ETF (EUO) has been consolidating for the past four days at the highs of the move. EUO has also formed a pennant like formation as it has held support at the 20-period EMA on the 60-minute chart. A move back above the three day high of $20.21 could provide a buy entry trigger in this ETF. Above this key mark a partial trade position could be entered and the remainder of the position above the four day high of $21.32. Alternatively, EUO offers a possible entry on a pullback into its 20-day EMA.

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