Market Overview for EULUSDC on 2025-11-02

• Price action remained volatile, with a notable breakout above key resistance late in the session.• High volume confirmed the morning rally but faded in the afternoon amid profit-taking.• RSI and MACD showed mixed signals, with momentum diverging from price as the session closed.

Opening Narrative

Euler/USDC (EULUSDC) opened at 8.608 on 2025-11-01 at 16:00 ET and closed at 8.63 by 12:00 ET on 2025-11-02, reaching a high of 8.801 and a low of 8.576. The total traded volume over the 24-hour period amounted to 62,524.51 units, with a notional turnover of $544,235.95, suggesting active but mixed sentiment during the period.

Structure & Formations

The 24-hour period for EULUSDC featured a strong bullish breakout from a consolidation range, forming a short-term bullish continuation pattern. A key support level was identified near 8.617, which was tested multiple times and held on two occasions. A resistance level at 8.713 was overcome in the early morning hours, followed by a second breakout above 8.74. A bullish engulfing pattern emerged at 2025-11-02 01:45 ET, suggesting a possible continuation of the uptrend. Later in the session, a bearish divergence was observed between price and volume, which could hint at potential profit-taking.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages showed a bullish crossover around 2025-11-02 01:15 ET, supporting the breakout above 8.74. The 50-period moving average remained well below the 20-period line throughout the session, reinforcing the short-term bullish momentum. Daily moving averages (50/100/200) were not available in the input, but based on the 15-minute chart, the price moved above the 50-period line early in the session, indicating a short-term bullish bias.

MACD & RSI

The MACD line crossed above the signal line just before the breakout at 8.74, confirming a bullish momentum shift. RSI rose above 50 during the morning hours and briefly entered overbought territory, peaking near 65. However, a divergence appeared later, with RSI peaking at 65 while price continued to rise, which could suggest weakening momentum and a potential pullback. This divergence aligns with the bearish volume signals observed later in the session.

Bollinger Bands

Volatility expanded significantly during the breakout, with the upper band reaching 8.81. The price closed near the upper Bollinger band, suggesting strength. However, as the session progressed, the bands began to narrow slightly, which could signal a potential consolidation phase in the near term. The price hovered near the upper band during the late hours, indicating continued short-term bullish pressure.

Volume & Turnover

Volume spiked during the breakout phase in the early morning, with a peak volume of 5,318.61 units at 2025-11-02 01:15 ET. This volume confirmed the breakout, but it began to contract as the session progressed, indicating reduced conviction in the move higher. Notional turnover mirrored the volume trend, peaking at $46,327.60 during the breakout and declining thereafter. The divergence between price and volume during the final hours suggests that the move could be over-extended and vulnerable to a reversal.

Fibonacci Retracements

Applying Fibonacci retracements to the recent 15-minute swing from 8.576 to 8.801, the 38.2% retracement level lies at 8.676, and the 61.8% retracement at 8.696. The price held above 8.696 in the later part of the session, suggesting it found short-term support in that area. On the daily chart, major Fibonacci levels were not available due to lack of daily data, but the 15-minute retracements suggest that the pair could face additional support around 8.676 if it retests that level.

Backtest Hypothesis

To assess the potential of this pattern in a real-world context, a 1-day Bullish-Engulfing strategy could be backtested on a relevant set of assets. The pattern appeared on EULUSDC at 2025-11-02 01:45 ET and could serve as a candidate for testing. A clear definition of the holding period is needed: whether to hold intraday (sell at day’s close) or one full trading day. The choice would affect trade returns and risk exposure, especially in a volatile market like crypto. This strategy could be further refined by combining it with volume and RSI filters to improve signal reliability.