Consolidation on the EUR/USD

The EUR/USD is consolidating around its 55 day EMA, which is currently just above the 1.0600 level. The pair is really boxed between the 1.0600 and the 1.0700 levels. From the current consolidation, the pair may head in any direction. Even though it seems like the pair is pulling back to the upside, it really has no clear direction due to the high volatility that is has had lately. Above the 1.0700 level, the 1.0800 may act as resistance, but above that level, the most important resistance is at the 1.0900 level, where we can also find the 200 day EMA, blue line. Below the 1.0600 level, the 1.0400 level may act as support. The EUR/USD has already tried to break below the 1.0400 level, but it has not been able to stay below that zone.