FxWirePro: USD/KRW remains well supported below 1,172 mark, stay bearish
USD/KRW is currently trading around 1,165 levels. It made intraday high at 1,167 and low at 1,162 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 1,167 and low at 1,162 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 1,162 will test key supports at 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 short position in USD/KRW around 1,166, stop loss at 1,172 and target of 1,152/1,145.
