Heavy Volumes on EUR/USD show strong RESISTANCE
EUR/USD was in a strong downtrend. In this downtrend, sellers were adding to their selling positions. They were adding mostly at places where Volume Profile shows significant volume clusters.
There is one very significant volume cluster very close to the current price. It is very likely that the sellers who accumulated their selling positions in this volume cluster will try and defend those positions = push the price downwards again.
There is also another setup confirming the Volume Cluster setup. This setup is old, well-known setup which says that when support is breached, it becomes a resistance. I marked this in the chart in blue.
There is one very significant volume cluster very close to the current price. It is very likely that the sellers who accumulated their selling positions in this volume cluster will try and defend those positions = push the price downwards again.
There is also another setup confirming the Volume Cluster setup. This setup is old, well-known setup which says that when support is breached, it becomes a resistance. I marked this in the chart in blue.
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