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- USD/KRW is currently trading around 1,166 levels.
- Pair made intraday high at 1,168 and low at 1,164 marks.
- Intraday bias remains neutral till the time pair holds key support at 1,162 levels.
- A daily close above 1,174 will drag the parity higher towards key resistances at 1,186, 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 1,174 will test key supports at 1,162/1,152/1,142/1,132/1,127/1,117 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current down side movement is short term trend correction only.
We prefer to go short on USD/KRW around 1,167 with stop loss at 1,174 and target of 1,162/1,157/1,142.
