This is a very structural play that may take a while to play out. However, this breakout does show a lot of potential to the upside. Here are the key price action points I'm watching.
1. Price started this massive downtrend since February 22nd.
2. On April 5th, price bottoms out. This was indicated by the failure for price to trade to new lower lows.
3. After price tests the upper range boundary, we see a bit of downside drift. Price did not trade anywhere close to previous lows, which does indicate sellers aren't making much of an impact.
4. As long as price holds this 1.64555 breakout level, I'm betting on upside potential.