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Summary
• Price formed bearish engulfing patterns near 0.596, suggesting potential short-term weakness.
• Volume surged during the overnight session, with turnover peaking at 77993.79 at 13:30 ET, signaling increased conviction.
• RSI hit oversold territory below 30 in early morning before rebounding, hinting at possible stabilizing demand.
• Price remained below the 20-period and 50-period moving averages on the 5-minute chart, reinforcing bearish bias.
• Bollinger Bands expanded during the morning sell-off, indicating rising volatility ahead of a potential bounce.

Price recently tested the 61.8% Fibonacci level of a 0.596 to 0.576 decline at around 0.583. A potential bounce above 0.584 could target 0.587, while a break below 0.58 may test 0.576 again. On the 5-minute chart, the 50-period moving average sits at ~0.585, offering a near-term pivot.
The market appears to be in a short-term consolidation phase after a sharp dip, with technical indicators pointing to cautious bearish momentum. A test of 0.584 may determine whether the price stabilizes or continues lower. Investors should monitor volume for confirmation and be prepared for increased volatility if buyers step in.
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