Our last report for this pair was on November the 23rd. In that post price traded at $11957.1 .Price also struggled to break past level 12179.4 on three different occasions. Today the Nasdaq price action trades at level 13050.6 which is currently its all time high.
Looking at the chart we can see how price soars past the previous resistance level. Before finding resistance at its higher high. We believe that price could retrace to level 12179.4 .At this level we could see price test for support or even break past it.
If the Nasdaq price action breaks below then we could see it range within level 12454.9 and level 11143.8 . We think that a retracement is imminent due to the nature of price’s momentum slowly dying down. Right now being patient could serve very helpful in determining where price could be headed next.
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