Summary
• Price tested 1.175 resistance but failed to break, retreating to 1.173 support.
• Momentum waned as RSI fell below 50, signaling potential bearish continuation.
• Volatility dipped near 1.173 as volume dropped significantly below average.
Eurite/Tether (EURIUSDT) opened at 1.1743 at 12:00 ET-1 and reached a high of 1.1755 before closing at 1.1732 at 12:00 ET today. Total volume was 496,587.3, and notional turnover amounted to approximately $583,379. The pair faced key resistance at 1.175 and support at 1.173 during the session.
Structure & Formations
The 5-minute candles displayed a bearish engulfing pattern near 1.1755, confirming a rejection of the resistance.
A doji formed at 1.1736, suggesting indecision and a possible short-term consolidation phase. Support at 1.173 and resistance at 1.1755 remained pivotal, with a Fibonacci 61.8% level aligning near 1.1741, where buying pressure waned.
Moving Averages
On the 5-minute chart, the 20-period MA crossed below the 50-period MA, forming a bearish crossover. Daily MAs (50, 100, and 200) remain unbroken, with EURIUSDT hovering near the 50-day MA at 1.1743. This suggests a neutral to bearish bias in the near term.
Momentum Indicators
The MACD line turned negative, with the histogram showing bearish divergence. RSI dipped below 50 and settled near 45, indicating weakening momentum and a potential continuation of the downward trend. EURIUSDT appears to be in a consolidation phase after a failed bullish breakout.
Bollinger Bands
Volatility contracted after the failed 1.1755 high, with EURIUSDT closing near the lower Bollinger band at 1.1734. The bands were relatively narrow, suggesting a possible breakout or reversal scenario in the coming hours.
Volume and Turnover
Volume spiked near 1.1755 but declined significantly in the 1.174 to 1.173 range, confirming a lack of buying interest. Notional turnover mirrored volume patterns, with the largest spikes occurring during the 1:30–1:45 AM and 1:15–1:30 AM ET sessions. The divergence between price and volume suggests a bearish continuation may be more likely than a rebound.
EURIUSDT may continue to consolidate near 1.173 before testing the 1.1723–1.1728 range, with a potential short-term rebound possible if buyers step in. Investors should watch for a clear break above 1.175 or below 1.1723 to signal a new trend, but remain cautious for increased volatility in the next 24 hours.
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