FxWirePro: USD/KRW Hovers Around Key Support at 1177, a Break Below Targets 1153

FxWirePro: USD/KRW Hovers Around Key Support at 1177, a Break Below Targets 1153

• USD/KRW is currently trading around 1178 levels. 
• It made intraday high at 1190 and low at 11870 levels. 
• Intraday bias remains neutral for the moment. 
• A daily close above 1185 is required to drag the parity higher towards key resistances at 1195, 1201, 1209 (20D EMA) and 1220 (March 03, 2016 high) marks respectively. 
• Alternatively, 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. 
• Daily chart showing the 20D EMA has crossed over 30D and 55D EMA, which signals bullish trend. In addition, a sustained close above 1194(high as on May 24, 2016) is also required to confirm the same.

We prefer to take long position in USD/KRW only above 1182, stop loss 1172 and target 1195 marks.

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