I'm a long way from trading breakouts, but this one has caught my eye. Of late the 0.9 level has been holding strong, but this week price has successfully broken out and successfully closed well above this level. Though we have the next round number of 1.1 which could act as the first trouble area ( FTA
), the next real resistance comes into play at the 1.12 level. Coupled with divergence on MACD
, I'm expecting bullish
action and for price to reach the 1.12 level. Once this has been attained, it's likely another box of consolidation between the 1.12 and 1.09 could occur.