FxWirePro: EUR/KRW fails to find support above 1,336 mark, bias remains bearish
EUR/KRW is currently trading around 1,327 mark. Pair made intraday high at 1,332 and low at 1,327 levels. Intraday bias remains bearish till the time pair holds immediate resistance at 1,336 mark. A sustained close above…
Pair made intraday high at 1,332 and low at 1,327 levels.
Intraday bias remains bearish till the time pair holds immediate resistance at 1,336 mark.
A sustained close above 1,336 will take the parity higher towards key resistances around 1,342, 1,356, 1,377 and 1,392 marks respectively.
On the other side, a daily close below 1,330 will drag the parity down towards key supports around 1,322, 1,308, 1,299, 1,290, 1,273 and 1,264 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 correction only.
Seoul shares open down 1.07 pct.
Korea, South Q4 GDP growth q/q revised stays flat at -0.2 % vs previous -0.2 %.
Korea, South Q4 GDP growth y/y revised decrease to 2.8 % vs previous 3 %.
We prefer to take short position on EUR/KRW around 1,330, stop loss at 1,338 and target of 1,315/1,308/1,299.
