FxWirePro: EUR/KRW exhibits range bound movement, sustained close above 1,279 requires for upside rally
EUR/KRW is currently trading around 1,280 mark. Pair made intraday high at 1,281 and low at 1,279 levels. Intraday bias remains neutral till the time pair holds immediate resistance at 1,279 mark. A sustained close above…
Pair made intraday high at 1,281 and low at 1,279 levels.
Intraday bias remains neutral till the time pair holds immediate resistance at 1,279 mark.
A sustained close above 1,279 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.
Korea, South Oct 2018 trade balance revised decrease to 6.47 usd vs previous 6.55 usd.
Korea, South Oct 2018 import growth revised increase to 28.1 % vs previous 27.9 %.
Korea, South Oct 2018 export growth revised stays flat at 22.7 % vs previous 22.7 %.
Seoul shares open down 0.3 pct.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.