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FxWirePro: South Korean won opens onshore trade at 1,186.0 per U.S. dollar, stay bullish

  • USD/KRW is currently trading around 1,186 levels.
     
  • It made intraday high at 1,186 and low at 1,183 marks.
     
  • Intraday bias remains bullish till the time pair holds key support at 1,172 levels.
     
  • A daily close above 1,187 will drag the parity higher towards key resistances at 1,196, 1,201, 1,209 (20D EMA) and 1,220 (March 03, 2016 high) marks respectively.
     
  • On the other side, a sustained close below 1,186 will test key supports at 1,172/1,168/1,160/1,152/1,146/1,132/1,127/1,117/1,111/1,101 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 take long position in USD/KRW only above 1,186, stop loss at 1,176 and target of 1,196/1,201.

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