Based on Campbell's, we consider the whole thing as the "ovarian cycle" with a follicular phase and a luteal phase. The question is poorly worded because it uses the word "phase" with ovarian ovulation. But it specifies an event: ovulation. Based on the answer given, it is appropriate for the ovulation event during the ovarian cycle. You are right however that this occurs during the follicular phase.
I strictly based this off of Campbell's, though Barron's AP bio also breaks it down into a follicular phase, ovulation event, luteal phase as well.