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On May 9th, the ProShares UltraShort Euro ETF (EUO) rallied above key resistance at $20.00. Since then, EUO set a new swing high near $21.00 and on Friday began showing signs of weakness as it sold off for the first time in nearly three weeks. EUO may offer a buying opportunity on a pullback near its 20-day EMA. Ideally, we would like to see EUO form a reversal candle near this key mark, as this would offer a possible pivot point to open a long position. We will continue to monitor EUO for a possible entry.

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