Price rose as expected after the last update and after testing the 0.250 psychological resistancearea, an immediate top was formed at 0.260 high on 04/05/17. Since then, a significantcorrection took over which lasted for 24 weeks.
Price seemed to have found a strong base off the confluence of 50% Fibonacci retracementlevel and 0.150 resistance turned support area recently since 20/10/17. After testing thesupport area, price made a strong rebound with increasing volume and essentially halted thecorrection. Moreover, the subsequent bullish follow through resulted in price breaking andclosing above the downtrend line and 20 week moving average on the week ended 24/11/17signals the resumption of the uptrend.
Expect price to head back into the long-term uptrend next to retest the 0.210 resistance areafollowed by 0.240.