Market Overview for Eurite/Tether (EURIUSDT) on 2025-10-07

• EURIUSDT traded in a tightening range with key resistance at 1.1785 and support at 1.1665.
• Price closed near the 1.1671 level after a morning drop from a high of 1.1782.
• RSI and MACD signaled bearish momentum, with RSI below 30 suggesting oversold conditions.
• Volume spiked at 1.1785 but faded during the rebound, indicating weak follow-through.

Eurite/Tether (EURIUSDT) opened at 1.1727 on 2025-1006 160000 (12:00 ET - 1), reached a high of 1.1785, a low of 1.1649, and closed at 1.1671 as of 12:00 ET on 2025-10-07. Total volume amounted to 1.42M, while notional turnover reached approximately $1.66M over the 24-hour window.

Structure & Formations

Price action revealed two notable candlestick formations. A bearish engulfing pattern formed at 1.1782–1.1736 around 194500, suggesting a shift in sentiment. A doji appeared near 1.168 at 111500, reflecting indecision. Key support levels were identified at 1.1665 (touched at 140000) and 1.1649 (low of the day), while resistance hovered around 1.1731 and 1.1785.

Moving Averages

The 15-minute chart showed price closing below both the 20-period and 50-period moving averages, indicating bearish bias. On the daily chart, the 50/100/200 MA lines aligned at 1.1710–1.1725, with price now below all three, reinforcing the downtrend.

MACD & RSI

MACD crossed below the signal line in early morning trading, confirming bearish momentum. RSI fell to 30 at 111500, signaling oversold conditions, but failed to trigger a strong bounce. Divergence between price and RSI near 1.1668 suggests further bearish potential.

Bollinger Bands

Volatility expanded during the 194500–200000 window as price broke the upper band at 1.1785 before retracting. Since then, the bands have contracted, indicating a potential breakout or continuation. Price currently rests near the lower band at 1.1665–1.1668, suggesting a test of recent lows is likely.

Volume & Turnover

Volume surged at 1.1785 but sharply declined during the pullback, signaling weak conviction in the rally. The highest notional turnover occurred at 1.1785 with $1.168M, but volume faded afterward. A divergence between price and volume in the 1.1750–1.1670 range indicates weakening demand.

Fibonacci Retracements

Key Fibonacci levels from the 1.1649 to 1.1785 swing include 61.8% at 1.1716 and 38.2% at 1.1749. Price found resistance at the 61.8% level before declining. On the daily chart, the 50% retracement at 1.1710 aligns with the MA cluster, suggesting consolidation ahead.

Backtest Hypothesis

The backtesting strategy focuses on breakout setups from key Fibonacci levels and Bollinger Band contractions. A potential short entry could be triggered below 1.1665 with a stop above 1.1685 and a target at 1.1649. Long positions may be considered at 61.8% retracement (1.1716) with a stop below 1.1700. The strategy aims to capture directional moves during low volatility periods.