Market is unsure but tilting a little more to the upside
After falling sharply yesterday (eventually) after the stronger than expected CPI, the EURUSD is trading up and down with support ahead of its key 100 day moving average and resistance near the broken 38.2% retracement and the 1.2100 level. In between sets the 50% midpoint of the range from May at 1.20832 and the 200 hour moving average of 1.20807.
The current price is trading just above the 50%/200 hour moving average tilting the bias a little more to the upside once again. The price has had a number of hourly bars where the price has traded above and below those levels. Nevertheless being above is a tilt in the upward direction (if it can stay that way).
When the price consolidates around technical levels with choppy trading, the market is unsure of the next directional move. What we do see however, is resistance near the 1.2100 to 1.2106 area and support near the key 100 day moving average at 1.20438 (the low reached 1.2050 today). Stay out and wait for the extremes with stops on a break above or below. More aggressive traders can use the mid range levels as a barometer and hope for a run to the extremes on that side of the bias.