Excellent areas waiting for retracement back to EMA. I believe the heaviest of volume comes in for me first 40 minutes of day session and last 2 hours. But last 2 hours have to be traded a bit different than first forty minutes. Often times the low or high of the day occurs in first hour, and sometimes both. I have to settle for smaller targets in afternoon as much more chop in PM session. Experienced traders knows that those that lost in morning going to try to get to even in PM, so many more false moves, and can always expect the high/low of the day to be broken by a few ticks just to hit the stops. I have always found volume to be much more used trading stocks, but in Indexes much less so. Only times it tested out well for me is when there is divergence between volume and price. Prices going lower and volume declining, I always expect reversal. Like in Market profile, the ends normally have least volume.
If I remember correctly it acts as a trend line but no trading decisions come from trend lines unless its at support or resistance