FxWirePro: South Korean won rises by 1 pct against U.S dollar, faces strong support at 1,187

• USD/KRW is currently trading around 1,195 levels.
   
• Pair made intraday high at 1,203 and low at 1,194 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1,209 levels.
   
• A daily close above 1,205 will drag the parity higher towards key resistances at 1,211, 1,220 (March 03, 2016 high) and 1,244 marks respectively.
   
• On the other side, a sustained close below 1,205 will test key supports at 1,187/1,172/1,168/1,160/1,152/1,146/1,132/1,127/1,117 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.

We prefer to go long on USD/KRW around 1,192 with stop loss at 1,182 and target of 1,211/1,220.