Bullish Engulfing and Spiking Volume Signal Possible Reversal Near 0.1465

Summary
• Price formed a bullish engulfing pattern near 0.1465 following a consolidation phase.
• RSI showed oversold conditions in the early hours before a rebound.
• Volume spiked significantly during the 22:45–00:30 ET window, confirming the reversal.

The pair opened at 0.1443 on 2026-02-06 12:00 ET and traded between 0.1432 and 0.1479 before closing at 0.1455 on 2026-02-07 12:00 ET. Total volume was 793,029.35 and turnover amounted to 113,846.00.

Structure & Formations

Price action showed a key bullish engulfing pattern forming near 0.1465 during the overnight session, suggesting a potential reversal from bearish to bullish momentum. A 61.8% Fibonacci retracement level aligned closely with this area, reinforcing its significance. On the downside, support at 0.1443 and 0.1432 appeared to hold multiple times, indicating short-term buyers at these levels. A doji formed at 0.1451 during the 05:30 ET window, signaling indecision and possible consolidation.

Moving Averages

On the 5-minute chart, the 20-period and 50-period moving averages were in bullish alignment from 01:00 to 07:00 ET, confirming the recent upswing. On the daily chart, the 50-period MA currently sits above the 100-period, indicating a medium-term bullish trend.

MACD & RSI

The MACD crossed above the signal line during the 22:45–01:00 ET window, confirming a shift in momentum. RSI dipped into oversold territory during the early hours but quickly rebounded, suggesting strong buying interest. A potential divergence between price and RSI at 0.1443 suggested short-term caution, but was ultimately negated by volume.

Bollinger Bands

Bollinger Bands showed a narrowing contraction between 02:00 and 04:00 ET, followed by a breakout to the upside. Price closed above the upper band during the 23:00–00:00 ET window, indicating high volatility and strong conviction among buyers.

Volume & Turnover

Volume spiked sharply during the 22:45–00:30 ET window, aligning with the price rebound. Turnover also surged, particularly at 0.1465 and 0.1469, suggesting accumulation rather than distribution. A divergence between price and volume was noted at 0.1444, but it resolved in favor of the bullish trend as turnover picked up during the 05:00–07:00 ET window.

Fibonacci Retracements

A key 61.8% Fibonacci retracement level at 0.1465 acted as a strong resistance-turned-support zone during the overnight session. On the daily chart, a 38.2% retracement at 0.1448 showed initial resistance, which was later cleared with conviction.

The price appears to have found near-term support at 0.1443 and may test 0.1465 as a possible resistance level in the next 24 hours. However, a breakdown below 0.1432 could signal a deeper correction. Investors should monitor volume dynamics and the 50-period MA for confirmation of the next directional move.