FxWirePro: USD/KRW Moving in a Tight Range, a Break of Either Side Provides Further Direction
- USD/KRW is currently trading around 1189 levels.
- It made intraday high at 1189 and low at 1186 levels.
- Intraday bias remains neutral for the moment.
- Pair is moving in a tight range in between 1170 to 1190 marks.
- A daily close above 1193 will drag the parity up towards key resistances at 1201, 1209 (20D EMA) and 1220 (March 03, 2016 high) marks respectively.
- A sustained close below 1177 will test key supports at 1172, 1162, 1153 (November 2015 low) /1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively.
- Important to note here that if 20D EMA crosses above 30D and 55D EMA then it will confirm bullish trend.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.