FxWirePro: South Korean won trades marginally lower in early Asia, faces strong resistance at 1,314 mark

• EUR/KRW is currently trading around 1,313 mark.
   
• Pair made intraday high at 1,313 and low at 1,311 levels.
   
• Intraday bias remains neutral till the time pair holds immediate resistance at 1,314 mark.
   
• A sustained close above 1,314 will take the parity higher towards key resistances around 1,322, 1,332, 1,338, 1,356, 1,377 and 1,392 marks respectively.
   
• On the other side, a daily close below 1,308 will drag the parity down towards key supports around 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 0.04 pct.

We prefer to take long position on EUR/KRW only above 1,314, stop loss at 1,308 and target of 1,338.

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