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FxWirePro: USD/KRW hits fresh monthly high at 1188 mark, intraday bias remains bullish

  • USD/KRW is currently trading around 1186 levels.
     
  • It made intraday high at 1188 and low at 1175 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 1182 mark.    
     
  • A sustained close below 1182 will tests key supports at 1172/1162/1153/1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively.
     
  • Alternatively, a daily close above 1196 will drag the parity higher towards key resistances at 1201, 1209 (20D EMA) and 1220 (March 03, 2016 high) marks respectively.
     
  • In addition, South Korea’s Kospi was trading 0.49% lower at 1,915.92 points.

We prefer to take short position in USD/KRW around 1196, stop loss 1209 and target 1172/1153 marks respectively.

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