FxWirePro: USD/KRW hovers around 1190, intraday bias remains bullish

• USD/KRW is currently trading around 1188 levels.
   
• It made intraday high at 1190 and low at 11870 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 1178 marks.
   
• A daily close above 1193 is required to drag the parity higher towards key resistances at 1201, 1209 (20D EMA) and 1220 (March 03, 2016 high) marks respectively.
   
• Alternatively, a sustained close below 1177 will test key supports at 1172, 1162, 1153 (November 2015 low) /1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively.
   
• Daily chart showing the 20D EMA has crossed over 30D and 55D EMA, which signals bullish trend. In addition, a sustained close above 1194(high as on May 24, 2016) is also required to confirm the same.

We prefer to take long position in USD/KRW around 1185, stop loss 1172 and target 1194/1209 marks.