If we look at weekly chart of EURUSD , we see a classical trendline retest (price nicely broke down the trendline in April 2022, with a valid breakdown after Tom Demark criteria).
Price is likely to continue bearish next months. Tom Demark breakdown projection sends us below 1.00.
Price also failed to establish itself in the yearly bull zone - above yearly Camarilla R1, rejecting from there. Typically, from the yearly close, price travels either to above yearly Camarilla R3 or below yearly Camarilla S3
Hence a downtrend to yearly S3 (1.0) is quite likely.
For educational purposes only.
Price is likely to continue bearish next months. Tom Demark breakdown projection sends us below 1.00.
Price also failed to establish itself in the yearly bull zone - above yearly Camarilla R1, rejecting from there. Typically, from the yearly close, price travels either to above yearly Camarilla R3 or below yearly Camarilla S3
Hence a downtrend to yearly S3 (1.0) is quite likely.
For educational purposes only.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.