FxWirePro: USD/KRW breaks key support at 1172, intraday bias remains bearish
USD/KRW is currently trading around 1170 levels. It made intraday high at 1172 and low at 1167 marks. Intraday bias remains bearish till the time pair holds key resistance at 1178 marks. A sustained close below 1172 will…
It made intraday high at 1172 and low at 1167 marks.
Intraday bias remains bearish till the time pair holds key resistance at 1178 marks.
A sustained close below 1172 will tests key supports at 1162/1152/1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively.
Alternatively, a daily close above 1176 will drag the parity higher towards key resistances at 1182, 1196 (June 01, 2016 high), 1201, 1209 (20D EMA) and 1220 (March 03, 2016 high) marks respectively.
In addition, South Korea’s Kospi was trading 0.60% lower at 1,957.37 points.
We prefer to take short position in USD/KRW only below 1170, stop loss 1177 and target 1152 marks.
