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FxWirePro: USD/KRW remains well supported above 1,100 mark; stay bullish above 1,117

  • USD/KRW is currently trading around 1,113 levels.
     
  • It made intraday high at 1,114 and low at 1,112 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 1,105 levels.
     
  • A sustained close below 1,105 will test key supports at 1,101/1,095/1,078/1,063 levels respectively.
     
  • Alternatively, reversal from immediate support will drag the parity higher towards key resistances at 1,117, 1,124, 1,138, 1,142, 1,152, 1,162, 1,176, 1,182, 1,196, 1,201, 1,209 (20D EMA) and 1,220 (March 03, 2016 high) marks respectively.
     
  • In addition, South Korea’s Kospi was trading 0.35 percent higher at 2,001.36 points.
     
  • South Korean won opens onshore trade at 1,117.0 per dollar vs 1,117.6 at previous close.

We prefer to take long position in USD/KRW only above 1,117 with stop loss at 1,105 and target 1,142.

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