FxWirePro: USD/KRW remains well supported above 1,200 mark, sustained close above 1,206 targets 1,220
USD/KRW is currently trading around 1,203 levels. It made intraday high at 1,203 and low at 1,201 marks. Intraday bias remains neutral till the time pair holds key support at 1,195 levels. A daily close above 1,206 will …
It made intraday high at 1,203 and low at 1,201 marks.
Intraday bias remains neutral till the time pair holds key support at 1,195 levels.
A daily close above 1,206 will drag the parity higher towards key resistances at 1,209 (20D EMA), 1,220 (March 03, 2016 high) and 1,244 marks respectively.
On the other side, a sustained close below 1,195 will test key supports at 1,182/1,172/1,168/1,160/1,152/1,146/1,132/1,127/1,117/1,111/1,101 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
We prefer to take long position in USD/KRW around 1,201, stop loss at 1,195 and target of 1,220/1,228.
