Market Overview: Eurite/Tether USDt (EURIUSDT)

• EURIUSDT consolidates near 1.1705 with bearish momentum and low volatility.
• 24-hour trading volume remains below average, signaling lack of conviction.
• RSI approaches oversold territory but lacks follow-through in price.
• Key support at 1.1702 holds, with a test expected before the 24-hour period closes.

At 12:00 ET on 2025-09-06, EURIUSDT opened at 1.1736, hit a high of 1.1746, and a low of 1.1701, closing at 1.1703. The 24-hour volume was 811,204.0 units with a notional turnover of approximately $954,374 (assuming $1.17 average price). The asset has shown a gradual descent over the past 24 hours, with bears maintaining control after a failed attempt to push above 1.1715 in early trading.

Structure & Formations

Price has formed a descending pattern, with multiple small bearish bodies forming below the 1.1715 psychological level. A bearish engulfing pattern occurred between 19:15 and 19:30 ET, which confirmed the breakdown from 1.1707–1.1710. A doji formed at 00:15 ET near 1.1707, signaling indecision. Key support levels are forming around 1.1702–1.1705, while resistance sits at 1.1708–1.1712.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart are both in a downward trend, with price currently below both. The 200-period daily MA is also bearish, indicating a longer-term bias. The 50-period daily MA sits just above 1.1715, reinforcing its role as a resistance level.

MACD & RSI

The MACD line remains below the signal line, with a bearish divergence forming. RSI is approaching the 30 level, near oversold territory, but without a corresponding rebound in price. This suggests bearish control and a potential continuation of the current trend.

Bollinger Bands

Volatility remains low, with price staying within a narrow range between the 1.1701–1.1713 band. The bands are contracting, signaling a potential breakout or breakdown. Price closed near the lower band, reinforcing the bearish bias.

Volume & Turnover

Volume is relatively low throughout most of the day, indicating lack of conviction in both bullish and bearish moves. A spike in volume occurred during the breakdown at 19:15 ET, confirming the bearish sentiment. Turnover, however, remains consistent with prior trends, showing no abnormal divergence from price action.

Fibonacci Retracements

On the 15-minute chart, the most recent swing high of 1.1746 and low of 1.1701 show key levels at 38.2% (1.1727) and 61.8% (1.1714). Price has bounced multiple times from the 61.8% level, which now acts as a potential support zone.

Backtest Hypothesis

The backtesting strategy under consideration involves using a combination of RSI oversold levels (< 30) and a breakout of the lower Bollinger Band as a potential long entry signal, with a stop-loss placed below the most recent swing low. Given the current RSI near 30 and a closing near the lower band, this setup has been historically successful in markets with high volatility. However, due to the low volume and lack of follow-through in recent bearish moves, the signal is less convincing. Traders using this strategy may want to wait for a retest of the 1.1702 level and increased volume before considering a long position.