FxWirePro: South Korean won trades marginally higher against euro, faces strong support at 1,308 mark

• EUR/KRW is currently trading around 1,311 mark.
   
• Pair made intraday high at 1,313 and low at 1,311 levels.
   
• Intraday bias remains bearish till the time pair holds immediate resistance at 1,314 mark.
   
• A sustained close above 1,312 will take the parity higher towards key resistances around 1,320, 1,332, 1,338, 1,356, 1,377 and 1,392 marks respectively.
   
• On the other side, a daily close below 1,312 will drag the parity down towards key supports around 1,308, 1,290, 1,273 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 down 0.08 pct.

We prefer to take short position on EUR/KRW around 1,312, stop loss at 1,317 and target of 1,308/1,290.

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