South Korean won recovers from 3- month high against US dollar, good to buy on dips

• USD/KRW is currently trading around 1168 levels.
   
• It made intraday high at 1169 and low at 1166 levels.
   
• Last week pair hit fresh 3-month low at 1153 on the back of positive economic data from Korea.
   
• Intraday bias remains bullish for the moment.
   
• A sustained close below 1153 tests 1142/1129 marks thereafter.
   
• Alternatively, reversal from key support will drag the parity up around 1180/1193/1201 marks.
   
• Important to note here that overall trend remains bearish till the time pair holds key resistance at 1201 mark.

We prefer to take long position in USD/KRW around 1165, stop loss 1159 and target 1177/1193 levels.