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EUR/USD- Building its upward momentum

The EUR/USD has broken its downward channel on a 4 hour time frame pattern. The price has moved towards the upside and initially this move was capped by the resistance zone mentioned below. The resistance zone pushed the price lower all the way to 1.1071 where it was pushed back up by the 20 day moving average. The price is still trading within the Bollinger band, which reflects that the volatility for the pair is low. The upward move is still finding its headwinds getting more strong as it moves more close to its minor resistance zone (mentioned below). Nonetheless, an important aspect which needs much attention is that the price has not broken its downward trend line and as long it fails to break this line towards the upside, the bias remain towards the downside.

EURUSD 14-08-2015

Important Zones

1.086-1.08149 Minor Support

1.1278-1.121 Minor Resistance

1.147-1.141 Major Resistance

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