- EUR/KRW is currently trading around 1,296 mark.
- It made intraday high at 1,298 and low at 1,296 levels.
- Intraday bias remains slightly neutral till the time pair holds key support at 1,294 mark.
- A sustained close above 1,302 will take the parity higher towards key resistances around 1,319, 1,327, 1,347, 1,363, 1,373, 1,410 and 1,434 marks respectively.
- On the other side, a daily close below 1,294 will drag the parity down towards key supports around 1,287, 1,278, 1,268 and 1,244 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- South Korea’s industrial production y/y stands at 0.4 pct vs -3.3 pct previous release (expected -1.1).
- South Korea’s retail sales m/m stands at -2.2 pct vs 3.9 pct previous release.
- South Korea’s Kospi was trading 0.75 point higher at 2,095.72.
We prefer to take short position on EUR/KRW around 1,296, stop loss at 1,302 and target of 1,287/1,278.
