FxWirePro: USD/KRW remains well supported below key resistance at 1,182, downside limited
USD/KRW is currently trading around 1,173 levels. It made intraday high at 1,177 and low at 1,172 marks. Intraday bias remains bearish till the time pair holds key resistance at 1,182 levels. A daily close above 1,172 wi…
It made intraday high at 1,177 and low at 1,172 marks.
Intraday bias remains bearish till the time pair holds key resistance at 1,182 levels.
A daily close above 1,172 will drag the parity higher towards key resistances at 1,178, 1,182, 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 1,172 will test key supports at 1,165/1,160/1,152/1,146/1,132/1,127/1,117/1,111/1,101 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 1,168, stop loss at 1,160 and target of 1,182/1,196.
