South Korean Won Continues to Gain Against US Dollar, Intraday Bias Remains Bearish
22 March 2016, 05:28
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South Korean Won Continues to Gain Against US Dollar, Intraday Bias Remains Bearish
- USD/KRW is currently trading around 1160 levels.
- It made intraday high at 1164 and low at 1159 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1169 levels.
- A break above targets key resistances at 1180/1193/1201 marks.
- Alternatively, a sustained close below 1153 tests 1142/1129 marks thereafter.
- Important to note here that overall trend remains bearish as 20D, 30D and 55D EMA heads down and confirms bearish trend.
We prefer to take short position in USD/KRW around 1162, stop loss 1177 and target 1142/ 1129 levels.
The material has been provided by InstaForex Company - www.instaforex.com
