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FxWirePro: EUR/KRW exhibits range bound movement, bias remains neutral

EUR/KRW is currently trading around 1,290 mark. Pair made intraday high at 1,291 and low at 1,288 levels. Intraday bias remains neutral till the time pair holds key support at 1,288 mark. A sustained close above 1,288 wi…

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FxWirePro: EUR/KRW exhibits range bound movement, bias remains neutral
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  • EUR/KRW is currently trading around 1,290 mark.
     
  • Pair made intraday high at 1,291 and low at 1,288 levels.
     
  • Intraday bias remains neutral till the time pair holds key support at 1,288 mark.
     
  • A sustained close above 1,288 will take the parity higher towards key resistances around 1,301, 1,307, 1,313, 1,327, 1,338, 1,347, 1,355, 1,363, 1,377 and 1,390 marks respectively.
     
  • On the other side, a daily close below 1,288 will drag the parity down towards key supports around 1,277, 1,268 and 1,253 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 0.43 pct.

We prefer to take short position on EUR/KRW only below 1,288, stop loss at 1,301 and target of 1,277/1,253.

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