FxWirePro: USD/KRW trades in narrow range, down side limited
USD/KRW is currently trading around 1,174 levels. It made intraday high at 1,175 and low at 1,171 marks. Intraday bias remains bullish till the time pair holds key support at 1,164 levels. A daily close above 1,170 will …
It made intraday high at 1,175 and low at 1,171 marks.
Intraday bias remains bullish till the time pair holds key support at 1,164 levels.
A daily close above 1,170 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 1,170 will test key supports at 1,162/1,152/1,146/1,132/1,127/1,117/1,111/1,101 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 1,172, stop loss at 1,164 and target of 1,187/1,196.
