- 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 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.
