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- EUR/KRW is currently trading around 1,205 mark.
- Pair made intraday high at 1,205 and low at 1,202 levels.
- Intraday bias remains neutral till the time pair holds key support at 1,201 mark.
- A daily close below 1,201 will drag the parity down towards key supports around 1,194, 1,189, 1,178, 1,163 and 1,154 marks respectively.
- Alternatively, a sustained close above 1,201 will take the parity higher towards key resistances around 1,207, 1,211, 1,218, 1,228, 1,233, 1,242 and 1,252marks respectively.
- Seoul shares open up 0.45 pct at 2155.36.
- 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.
- U.S. vice president Pence – South Korea – U.S. free trade agreement will be reviewed and reformed in days ahead.
- U.S. vice president Pence - Still too many barriers for U.S. businesses under South Korea – U.S. free trade agreement.
We prefer to take long position in EUR/KRW around 1,204, stop loss at 1,200 and target of 1,211/1,218.
