FxWirePro: USD/KRW hovers around key support at 1,168 mark, sustained close below targets 1,160
USD/KRW is currently trading around 1,168 levels. It made intraday high at 1,172 and low at 1,166 marks. Intraday bias remains bearish till the time pair holds key resistance at 1,172 levels. A daily close above 1,172 wi…
It made intraday high at 1,172 and low at 1,166 marks.
Intraday bias remains bearish till the time pair holds key resistance at 1,172 levels.
A daily close above 1,172 will drag the parity higher towards key resistances at 1,178, 1,185, 1,196, 1,201, 1,209 (20D EMA) and 1,220 (March 03, 2016 high) marks respectively.
On the other side, a sustained close below 1,168 will test key supports at 1,160/1,152/1,146/1,132/1,127/1,117/1,111/1,101 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take long position in USD/KRW around 1,168, stop loss at 1,160 and target of 1,178/1,187/1,196.
