FxWirePro: USD/KRW finds strong support at 1162.00, good to buy dips
USD/KRW tested bottom of recent rally before consolidation set in and found strong support at 1162.00 The pair has strongly rebounded from lows at 1159 and is currently trading at 1163.40 after hitting fresh intraday hig…
USD/KRW tested bottom of recent rally before consolidation set in and found strong support at 1162.00
The pair has strongly rebounded from lows at 1159 and is currently trading at 1163.40 after hitting fresh intraday high at 1166.7
Daily Stochs are at oversold and on the verge of a bullish crossover, RSI is also biased higher
Bullish invalidation on breaks below 1151.00 which is converging Ichi cloud base and 100 DMA
Resistance is located at 1166.50 (day's high) ahead of 1171.96 (55 EMA) and then at 1180 (daily Tenkan)
Supports on the downside are seen at 1162 (Sept 17 and day's low), then at 1195 (Oct 5th lows) and further below at 1151.00 (Ichi cloud base and 100 DMA)
Recommendation: Good to buy dips around 1163, SL: 1150, TP: 1170
