FxWirePro: EUR/KRW enjoys roller coaster movement, stay bearish only below 1,298 mark
EUR/KRW is currently trading around 1,299 mark. Pair made intraday high at 1,300 and low at 1,298 levels. Intraday bias remains neutral till the time pair holds key support at 1,298 mark. A sustained close above 1,298 wi…
Pair made intraday high at 1,300 and low at 1,298 levels.
Intraday bias remains neutral till the time pair holds key support at 1,298 mark.
A sustained close above 1,298 will take the parity higher towards key resistances around 1,307, 1,315, 1,327, 1,338, 1,358 and 1,380 marks respectively.
On the other side, a daily close below 1,298 will drag the parity down towards key supports around 1,289, 1,277, 1,267, 1,258, 1,246 and 1,234 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 correcton only.
Seoul shares open up 1.13 pct.
We prefer to take short position on EUR/KRW only below 1,298, stop loss at 1,307 and target of 1,289.
