Gap Down For The Euro (ULE)

The selling continued on Friday (8/20) for the ProShares Ultra Euro ETF ULE, gapping down at the open, the bears were certainly in charge right from the start of the trading session. Making new lows for the month of August for ULE, the strength in the US Dollar continued to put pressure on the Euro. Furthermore, the ULE closed well below its 20, 50 and 200-day moving averages—closing at $23.41 with a net change of -$0.42. As of Friday’s close, the 20-day MA is at $24.55, the 50-day MA is at $23.54 and the 200-day MA is at $26.77. The ProShares Ultra Euro ETF has some possible daily chart support levels to watch—at approximately the $22.80 – 22.90 area, followed by the $22.00 – $22.20 area.