- USD/KRW is currently trading around 1,136 levels.
- Pair made intraday high at 1,137 and low at 1,136 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 1,148 levels.
- A daily close above 1,138 will drag the parity higher towards key resistances at 1,148, 1,155, 1,168, 1,172, 1,186, 1,197, 1,203, 1,211 marks respectively.
- On the other side, a sustained close below 1,138 will test key supports at 1,135/1,124/1,117 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position in USD/KRW around 1,137, stop loss 1,148 and target of 1,124.
