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Summary
• Price opened at 1.249 and closed near 1.238 after a volatile 24-hour session with sharp intraday swings.
• A bearish engulfing pattern formed during early ET hours, suggesting short-term bearish momentum.
• Volume spiked significantly during the sharp decline from 1.245 to 1.22, confirming bearish sentiment.
• RSI dipped into oversold territory during the lows, hinting at potential near-term support.
• Bollinger Bands widened during the drop, indicating increased volatility.
The 24-hour chart shows a pronounced bearish bias, with price collapsing from above 1.245 to as low as 1.205, driven by a sharp increase in volume and bearish momentum. A bearish engulfing pattern formed around 19:00–20:00 ET, reinforcing the downward move. RSI dropped to oversold levels near 30, suggesting a potential near-term rebound, although the price remains below both the 20 and 50-period moving averages on the 5-minute chart.

Bollinger Bands expanded during the drop, reflecting increased volatility, while MACD turned negative with a bearish crossover, indicating fading bullish momentum. Volume was particularly strong during the 23:00–00:00 ET window, confirming the bearish breakout.
Fibonacci retracement levels from the recent swing high of 1.254 to the swing low of 1.205 show key potential support near 1.232 (38.2%) and 1.219 (61.8%). A close above 1.245 may signal a short-covering bounce, but the dominant trend appears to be bearish in the near term.
Looking ahead, a retest of the 1.219–1.232 support range could occur if bears maintain control, while a rejection near 1.235 may hint at stabilizing conditions. Investors should remain cautious of further downside risks and potential volatility spikes in the next 24 hours.
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