- USD/KRW is currently trading around 1,199 levels.
- It made intraday high at 1,204 and low at 1,198 marks.
- Intraday bias remains neutral till the time pair holds key resistance at 1,210 levels.
- A daily close above 1,208 will drag the parity higher towards key resistances at 1,220 (March 03, 2016 high) and 1,244 marks respectively.
- On the other side, a sustained close below 1,200 will test key supports at 1,194/1,182/1,172/1,168/1,160/1,152/1,146/1,132/1,127/1,117 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
