FxWirePro: USD/KRW Strongly Holds 1162 Support, Downside Limited
- USD/KRW is currently trading around 1164 levels.
- It made intraday high at 1165 and low at 1163 marks.
- Intraday bias remains bullish till the time pair holds key support at 1162 marks.
- A sustained close below 1162 will tests key supports at 1153 (November 2015 low) /1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively.
- Alternatively, reversal from key support will drag the parity higher towards key resistances at 1176, 1182, 1195, 1201, 1209 (20D EMA) and 1220 (March 03, 2016 high) marks respectively.
- Important to note here that, 20D EMA has crossed over 30D and 55D EMA, which signals bullish trend.
We prefer to take long position in USD/KRW only above 1169, stop loss 1162 and target 1194 marks.