Price waffling above and below the 100 hour MA
The EURUSD fell sharply immediately after the higher than expected CPI. The tumble took the price below the swing levels from last week/early this week and the 100 hour MA at the 1.2292-97 area, but we are seeing a move back above as I type. For the bears getting back below the MA and old ceiling area (see yellow area), will be eyed.
On the correction higher (see 5-minute below), the price corrected to the 38.2% of the last tumble leg lower at 1.23044. That is a standard correction that keeps the sellers in control. If the price were to go over the 50% fall, the sellers on the release, might be inclined to cut their losses. That level comes in at 1.2313. It might not end the selling but it muddies the water for the sellers a bit.
As it is, there is a battle at the 100 hour MA and the overhead retracement area (yellow area in the chart below).