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FxWirePro: USD/KRW breaks key support at 1162, good to sell on rallies

  • USD/KRW is currently trading around 1158 levels.
     
  • It made intraday high at 1162 and low at 1157 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 1162 mark.     
     
  • A sustained close below 1162 will tests key supports at 1152/1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively.
     
  • Alternatively, a daily close above 1168 will drag the parity higher towards key resistances at 1172, 1176, 1182, 1196 (June 01, 2016 high), 1201, 1209 (20D EMA) and 1220 (March 03, 2016 high) marks respectively.
     
  • In addition, South Korea’s Kospi was trading 0.08% lower at 1,979.38 points.

We prefer to take short position in USD/KRW around 1160, stop loss 1168 and target 1152/1142 marks.

  • Market Data
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