Market Overview: Eurite/Tether (EURIUSDT) – 24-Hour Technical Summary

• EURIUSDT formed a bullish consolidation pattern after hitting 1.1439 support, rebounding above 1.15.
• Price advanced to a 24-hour high of 1.1605 before consolidating into a range of 1.1545–1.1599.
• RSI moved into overbought territory mid-day, while volume surged at key breakout levels.
• Bollinger Bands showed moderate volatility with price near the midline, suggesting indecision.
• Volume expanded during the bullish move, validating strength but hinting at potential pullback risks.

At 12:00 ET–1, EURIUSDT opened at 1.1464 and closed at 1.1550 at 12:00 ET. The pair traded between 1.1439 (low) and 1.1605 (high), with a total 24-hour volume of 2,105,884.5 units and notional turnover of $2,434,092.30. Price action showed a clear bullish trend, supported by increased volume and a retest of key resistance levels.

EURIUSDT exhibited a bullish consolidation pattern after bouncing off the 1.1439 support level, forming a base between 1.1450–1.1470 before breaking out above 1.15. The 20-period and 50-period moving averages were in bullish alignment, with the 20-period above the 50-period, supporting the upward trend. On the 15-minute chart, price remained above the 50-period SMA for much of the session, indicating short-term strength.

The RSI reached overbought levels (above 70) around 20:30 ET before retracing, suggesting a potential short-term correction. MACD remained positive throughout the session, with a narrow histogram indicating a slowdown in momentum. Bollinger Bands showed moderate expansion in the morning, narrowing later in the day as volatility declined. EURIUSDT closed near the middle band, suggesting a potential consolidation ahead.

Fibonacci retracement levels from the recent swing high at 1.1605 to the swing low at 1.1439 identified key levels at 1.1523 (38.2%) and 1.1486 (61.8%). Price has tested the 38.2% level twice in the past 24 hours, with mixed results. Volume and turnover spiked during the breakout above 1.15 and again during the retest of 1.1570, suggesting strong conviction at these levels.

The backtest strategy under consideration involves the Bullish Engulfing candlestick pattern, typically used as a reversal signal in a downtrend. While the pattern could not be retrieved for EURIUSDT due to technical constraints, a similar strategy has shown potential in other assets. If provided with historical occurrences of the pattern, a 3-day holding backtest could be run to assess its viability. Alternatively, we can apply the same strategy to a supported asset such as a major stock or cryptocurrency. The success of this strategy hinges on confirming it with volume and RSI divergence, as seen in today’s session.