FxWirePro: South Korean won trades marginally lower in early Asia, good to sell on rallies

• EUR/KRW is currently trading around 1,276 mark.
   
• Pair made intraday high at 1,277 and low at 1,272 levels.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 1,272 mark.
   
• A sustained close above 1,272 will take the parity higher towards key resistances around 1,285, 1,292, 1,307, 1,315, 1,327, 1,338, 1,358 and 1,380 marks respectively.
   
• On the other side, a daily close below 1,272 will drag the parity down towards key supports around 1,267, 1,258, 1,246 and 1,234 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
   
• Seoul shares open down 0.77 pct.
   
• Korea, South Oct 2018 fx reserves decrease to 402.75 usd vs previous 403 usd.

We prefer to take short position on EUR/KRW around 1,280, stop loss at 1,292 and target of 1,258/1,246.