FxWirePro: EUR/KRW hovers around 1,291 mark, consistent close above requires for upside movement

• EUR/KRW is currently trading around 1,290 mark.
   
• It made intraday high at 1,291 and low at 1,290 levels.
   
• Intraday bias remains slightly bearish for the moment.
   
• A sustained close above 1,291 will take the parity higher towards key resistances around 1,297, 1,307, 1,315 and 1,327 marks respectively.
   
• On the other side, a daily close below 1,287 will drag the parity down towards key supports around 1,277, 1,268, 1,257, 1,246 and 1,234 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• Seoul shares open up 0.19 pct.
   
• South Korea Fin min - Aware of views that policy interest rate need to be lowered to boost growth.
   
• South Korea Fin min - Will respond if FX volatility worsens.
   
• South Korea Fin min - Will closely monitor currency movements
   
• South Korea Fin min - Plan to diversify oil imports, will support small firms hurt by sanctions against Iran.

We prefer to take short position on EUR/KRW only below 1,289, stop loss 1,294 and target of 1,277.