We have so many confluences on this set up :
1) We can see a rejection of the higher band in the descending channel.
2) Another rejection of the 618 from the past impulsion.
3) Friday the Jackson Hole summit of the Fed provides us negative news fundamentally, Hikes IR -> investors will change their positions from equities to Bonds or most simply Banks. And even more investors will buy USD (wait and see $€).
4) Technically, the bearish divergence on RSI is not a good signal to buy.
5) Even tough, the price still have power to reach the final target.
6) We have a daily Head&Shoulder.
7) Moreover, seasonality is with us, because over the last decades, usually September has been a negative month.
To sum up, we have at least 7 confluences and fundamentals are clearly bearish with a hawkish monetary policy from the Fed.
Let's look for an entry point now !
1) We can see a rejection of the higher band in the descending channel.
2) Another rejection of the 618 from the past impulsion.
3) Friday the Jackson Hole summit of the Fed provides us negative news fundamentally, Hikes IR -> investors will change their positions from equities to Bonds or most simply Banks. And even more investors will buy USD (wait and see $€).
4) Technically, the bearish divergence on RSI is not a good signal to buy.
5) Even tough, the price still have power to reach the final target.
6) We have a daily Head&Shoulder.
7) Moreover, seasonality is with us, because over the last decades, usually September has been a negative month.
To sum up, we have at least 7 confluences and fundamentals are clearly bearish with a hawkish monetary policy from the Fed.
Let's look for an entry point now !