- 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.
