FxWirePro: EUR/KRW hits fresh 2-month high at 1,301 mark, bias remains bullish
EUR/KRW is currently trading around 1,298 mark. Pair made intraday high at 1,301 and low at 1,293 levels. Intraday bias remains bullish till the time pair holds key support at 1,286 mark. A sustained close above 1,293 wi…
Pair made intraday high at 1,301 and low at 1,293 levels.
Intraday bias remains bullish till the time pair holds key support at 1,286 mark.
A sustained close above 1,293 will take the parity higher towards key resistances around 1,302, 1,315 and 1,327 marks respectively.
On the other side, a daily close below 1,293 will drag the parity down towards key supports around 1,286, 1,277, 1,267, 1,258, 1,246, 1,234 and 1,222 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 0.23 pct.
We prefer to take long position on EUR/KRW around 1,296, stop loss at 1,285 and target of 1,302/1,315.
