USD/KRW may rise 516 - 766 pips

1378.50 is our pivot point.

Our preference

As long as 1378.50 is support look for 1389.50.

Alternative scenario

Below 1378.50, expect 1374.30 and 1371.80.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 1381.20 and 1377.40).

Supports and resistances

1394.50 **

1392.00 *

1389.50 **

1387.00

1381.84 last

1380.10

1378.50 **

1374.30 *

1371.80 **

Number of asterisks represents the strength of support and resistance levels.