Correction stalls at the expected stall point.
Earlier in the day, I spoke of corrections that should find sellers near the 1.1876 level. The level corresponded with the 2010 swing low outlined in an earlier post (see post here). It later was also home to the 50% retracement of the range today AND the 100 bar MA on the 5-minute chart (see posts here and here).
The corrective high reached 1.1875. The correction stalled at the expected stall point that kept the bears in control technically.
The price is down at 1.1838 now, and the focus is back on the 1.1816-21 area where the last three lows from December, last week and again today. Needles to say, that level needs to be busted with momentum.
As far as risk, the story remains the same for that too. The falling 100 bar MA on the 5-minute is the close risk. The 50% and the 1.1876 is the next level.
Trading does not have to be complicated. Just listen to the market price action, and the tools applied to the price action.
