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FxWirePro: USD/KRW strongly holds 1162 support, downside limited

Tuesday, June 7, 2016 2:07 AM UTC

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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FxWirePro: USD/KRW strongly holds 1162 support, downside limited

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