FxWirePro: EUR/KRW fails to break key support at 1,201 mark, bias remains bullish
EUR/KRW is currently trading around 1,209 mark. Pair made intraday high at 1,209 and low at 1,203 levels. Intraday bias remains bullish till the time pair holds key support at 1,201 mark. A daily close below 1,203 will d…
Pair made intraday high at 1,209 and low at 1,203 levels.
Intraday bias remains bullish till the time pair holds key support at 1,201 mark.
A daily close below 1,203 will drag the parity down towards key supports around 1.201, 1,194, 1,189, 1,178, 1,163 and 1,154 marks respectively.
Alternatively, a sustained close above 1,203 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 down 0.48 pct at 2138.28.
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.
South Korea’s March import price growth y/y decrease to 6.9 % vs previous 9.2 % (revised from 9.1 %).
South Korea’s March export price growth y/y decrease to 4.9 % vs previous 5.1 % (revised from 4.9 %).
We prefer to take long position in EUR/KRW around 1,205, stop loss at 1,201 and target of 1,211/1,218.
