- EUR/KRW is currently trading around 1,217 mark.
- Pair made intraday high at 1,219 and low at 1,217 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1,223 mark.
- A daily close below 1,217 will drag the parity down towards key supports around 1,205, 1,199, 1,191, 1,184, 1,178 and 1,163 marks respectively.
- Alternatively, a sustained close above 1,217 will take the parity higher towards key resistances around 1,228, 1,233, 1,242, 1,252, 1,268, 1,272, 1,280, 1,287 and 1,304 marks respectively.
- Seoul shares open down 0.25 pct at 2128.42.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- South Korea’s February unemployment rate increase to 4.0 % vs previous 3.6 %.
- South Korea’s February export growth revised stays flat at 20.2 % vs previous 20.2 %.
- South Korea’s February import growth revised increase to 23.9 % vs previous 23.3 %.
- South Korea’s February trade balance revised decrease to 7.06 bln $ vs previous 7.22 bln $.
We prefer to take short position in EUR/KRW around 1,218, stop loss at 1,223 and target of 1,205/1,200.
