FxWirePro: USD/KRW rejects key support at 1,162, bias turns bullish only above 1,169
USD/KRW is currently trading around 1,166 levels. Pair made intraday high at 1,167 and low at 1,161 marks. Intraday bias remains bullish till the time pair holds key support at 1,162 levels. A daily close above 1,165 wil…
Pair made intraday high at 1,167 and low at 1,161 marks.
Intraday bias remains bullish till the time pair holds key support at 1,162 levels.
A daily close above 1,165 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 1,165 will test key supports at 1,160/1,152/1,142/1,132/1,127/1,117 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 go long on USD/KRW only above 1,169 with stop loss at 1,160 and target of 1,175/1,186.
