- USD/KRW is currently trading around 1,105 levels.
- It made intraday high at 1,107 and low at 1,102 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1,117 levels.
- A sustained close below 1,100 will test key supports at 1,097/1,078/1,063 levels respectively.
- Alternatively, reversal from immediate support will drag the parity higher towards key resistances at 1,117, 1,124, 1,138, 1,142, 1,152, 1,162, 1,176, 1,182, 1,196, 1,201, 1,209 (20D EMA) and 1,220 (March 03, 2016 high) marks respectively.
We prefer to take short position in USD/KRW around 1,109 with stop loss at 1,122 and target of 1,078/1,063.
