- USD/KRW is currently trading around 1,138 levels.
- Pair made intraday high at 1,142 and low at 1,136 marks.
- Intraday bias remains bullish till the time pair holds key support at 1,132 marks.
- A daily close above 1,142 will drag the parity higher towards key resistances at 1,155, 1,168, 1,172, 1,186, 1,197, 1,203, 1,211 marks respectively.
- On the other side, a sustained close below 1,142 will test key supports at 1,132/1,127/1,120/1,112/1,107 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
We prefer to take long position in USD/KRW only above 1,142, stop loss 1,132 and target of 1,155.
