FxWirePro: USD/KRW remains well supported above 1,150 mark, faces strong resistance at 1,165
USD/KRW is currently trading around 1,158 levels. Pair made intraday high at 1,158 and low at 1,153 marks. Intraday bias remains bullish till the time pair holds key support at 1,150 levels. A daily close above 1,150 wil…
Pair made intraday high at 1,158 and low at 1,153 marks.
Intraday bias remains bullish till the time pair holds key support at 1,150 levels.
A daily close above 1,150 will drag the parity higher towards key resistances at 1,165, 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 1,150 will test key supports at 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 1,160, stop loss 1,172 and target of 1,142/1,130.
