Eurite/Tether (EURIUSDT) Market Overview

• Eurite/Tether (EURIUSDT) edged lower by 0.06% over 24 hours, closing near 1.1528.
• Price action showed consolidation within 1.1515–1.1576 range, with 1.1540–1.1560 as key levels.
• Volume and turnover were stable, but divergence appeared during late-night selloff.
• RSI hovered neutral at ~55; MACD signal weak bullish momentum in morning hours.
• A potential break of 1.1515 may trigger short-term bearish extension.

Eurite/Tether (EURIUSDT) opened at 1.1548 on 2025-10-13 at 12:00 ET and closed at 1.1528 on 2025-10-14 at the same time, with a high of 1.1576 and a low of 1.1515. Total volume over the 24-hour period was 1,242,639.9, and notional turnover amounted to approximately 1,436,871.4 in EUR. Price action displayed a tight range with a lack of directional bias, indicating potential market indecision ahead of a breakout.

Structure & Formations

The 15-minute OHLCV data reveals a period of sideways movement, with key support levels forming around 1.1525 and 1.1540, and resistance consolidating at 1.1560 and 1.1576. Several candles in the early part of the day displayed neutral to slightly bearish formations, including a dark cloud cover pattern near 1.1552–1.1556. Notably, a bullish engulfing pattern emerged briefly in the early morning (04:15–04:30 ET) but failed to hold. The overall structure suggests a potential test of key support levels in the near term, with a bearish bias if 1.1525 breaks decisively.

Moving Averages

On the 15-minute timeframe, the 20-period and 50-period moving averages were closely aligned around the 1.1540–1.1545 range, indicating a neutral bias. On the daily chart, the 50/100/200-day moving averages are not immediately relevant due to the tight 24-hour window. However, the close near the 50-period MA suggests potential for a slight pullback or consolidation before a directional move is triggered.

MACD & RSI

The RSI hovered around 55 over the 24-hour period, indicating a neutral momentum phase without signs of overbought or oversold conditions. MACD showed a minor positive crossover in the early hours (04:15–04:30 ET), but this was quickly reversed as bears regained control. The histogram remained mostly flat, suggesting a lack of conviction in either direction. These indicators support the idea of continued consolidation ahead of a breakout or breakdown.

Bollinger Bands

The price remained within the Bollinger Bands for most of the 24-hour period, with volatility appearing moderate. A slight contraction in band width was observed in the early morning, suggesting a potential for a breakout. However, the price failed to decisively break out of the upper band (1.1576) during this time. If volatility expands and the price moves outside the bands, a clearer directional signal may emerge.

Volume & Turnover

Volume was relatively stable throughout the day, with a few spikes during key timeframes such as 04:15–04:30 ET and 06:00–06:45 ET. Notional turnover followed a similar pattern, though a divergence appeared during the late-night hours (00:15–01:00 ET), where volume increased slightly while the price drifted lower. This could signal a weakening of the bearish momentum, though further confirmation is needed.

Fibonacci Retracements

Applying Fibonacci retracements to the 1.1515–1.1576 swing, the 38.2% and 61.8% levels are approximately at 1.1546 and 1.1531 respectively. The price appears to have found initial support near the 61.8% level (1.1531–1.1535), but a break below that may confirm a continuation of the downward trend. Traders may watch these levels closely for potential reversals or breakdowns.

Backtest Hypothesis

The backtesting strategy described involves detecting and acting on every Bullish Engulfing candlestick pattern over a historical window to evaluate its efficacy. Given the 15-minute EURIUSDT data presented, a Bullish Engulfing pattern was identified during the early hours (04:15–04:30 ET). If implemented in a live setting, this would have generated a buy signal around 04:15 ET. However, the signal was short-lived and failed to hold, demonstrating the importance of validating such patterns with additional technical and volume confirmation. This approach, when applied over a longer historical dataset and with a broader range of indicators, could yield meaningful insights into the predictive power of candlestick patterns for short-term trading.