FxWirePro: USD/KRW Strongly Holds 1162 Support, Downside Limited

FxWirePro: USD/KRW Strongly Holds 1162 Support, Downside Limited

7 June 2016, 05:23
Roberto Jacobs
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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.

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