USD/KRW may fall 750 - 1060 pips

Our pivot point is at 1382.80.

Our preference

The downside prevails as long as 1382.80 is resistance.

Alternative scenario

The upside breakout of 1382.80, would call for 1388.10 and 1391.20.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1379.60 and 1380.90).

Supports and resistances

1391.20 **

1388.10 *

1382.80 **

1380.80

1378.30 last

1370.80

1367.70 **

1364.60 *

1361.50 **

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