FxWirePro: EUR/KRW moves in stiff boundaries, consistent close below 1,320 requires for downside rally

• EUR/KRW is currently trading around 1,323 mark.
   
• Pair made intraday high at 1,325 and low at 1,323 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 1,320 mark.
   
• A sustained close above 1,328 will take the parity higher towards key resistances around 1,343, 1,355, 1,377 and 1,392 marks respectively.
   
• On the other side, a daily close below 1,321 will drag the parity down towards key supports around 1,308, 1,302, 1,288, 1,272 and 1,264 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
   
• Seoul shares open up 0.11 pct.
   
• Korea, South Jan PPI growth increase to 0.4 % vs previous 0.1 %.
   
• Korea, South Jan PPI growth y/y decrease to 1.2 % vs previous 2.2 % (revised from 2.3 %).

We prefer to take short position on EUR/KRW only below 1,320, stop loss at 1,332 and target of 1,302.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest