FxWirePro: South Korean won erases previous gain against U.S. dollar, intraday bias remains bullish

• USD/KRW is currently trading around 1,144 levels.
   
• Pair made intraday high at 1,145 and low at 1,133 marks.
   
• Intraday bias remains bullish for the moment.
   
• A daily close above 1,134 will drag the parity higher towards key resistances at 1,148, 1,155, 1,168, 1,172, 1,186, 1,197, 1,203, 1,211 marks respectively.
   
• On the other side, a sustained close below 1,134 will test key supports at 1,124/1,117/1,107 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to take long position in USD/KRW around 1,142, stop loss 1,134 and target of 1,158/1,162.