FxWirePro: South Korean won opens down by more than 1 pct against U.S. dollar, stay bullish
USD/KRW is currently trading around 1,176 levels. Pair made intraday high at 1,176 and low at 1,174 marks. Intraday bias remains bullish till the time pair holds key support at 1162 levels. A daily close above 1,173 will…
Pair made intraday high at 1,176 and low at 1,174 marks.
Intraday bias remains bullish till the time pair holds key support at 1162 levels.
A daily close above 1,173 will drag the parity higher towards key resistances at 1,185, 1,197, 1,203, 1,211, 1,220 (March 03, 2016 high) and 1,244 marks respectively.
On the other side, a sustained close below 1,175 will test key supports at 1,168/1,160/1,152/1,146/1,132/1,127/1,117 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
We prefer to go long on USD/KRW around 1,174 with stop loss at 1,162 and target of 1,185/1,200.
