EURUSD Intraday – Approaching 1.10 Resistance
Dynamic trend: Turned down
Background: W1 – weak; D1 – weak
In point 1 there was an up bar, that looked like a “Shakeout”, with a very high volume and an average range. This is a pattern that shows demand, and on a critical point, approaching the weak congestion zone ahead.
In point 2 there was the resumption of buying after prolonged shaking out on a downward trend.
On TF M15 in point 1 there was a “No Supply” bar after signs of strength and resumption of the uptrend. This was a good point for a long position.
Consider buying if the price breaks out the level 1.106 and «No Supply» appears (down bar with a narrow range and a low volume). Also consider buying if the price moves down to the support level 1.1, there is a sign of strength and «No Supply» appears. Consider selling if the price breaks down the level 1.1 and «No Demand» appears (up-bar with a narrow range and a low volume).
You can search for «No Demand» and «No Supply» on the lower TF.