- USD/KRW is currently trading around 1,161 levels.
- Pair made intraday high at 1,165 and low at 1,161 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 1,172 levels.
- A daily close above 1,169 will drag the parity higher towards key resistances at 1,175, 1,186, 1,197, 1,203, 1,211, 1,220 (March 03, 2016 high) and 1,244 marks respectively.
- On the other side, a sustained close below 1,162 will test key supports at 1,152/1,142/1,132/1,127/1,117 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
We prefer to take short position in USD/KRW around 1,162, stop loss 1,172 and target of 1,142.
