FxWirePro: EUR/KRW hits fresh 2-month low at 1,228 mark after Italy's PM intends to resign

• EUR/KRW is currently trading around 1,238 mark.
   
• Pair made intraday high at 1,243 and low at 1,228 levels.
   
• Intraday bias remains bearish till the time pair holds immediate resistance at 1,252 mark.
   
• A sustained close above 1,252 will take the parity higher towards key resistance around 1,260, 1,269 and 1,273 marks respectively.
   
• Key supports are seen at 1,238, 1,227, 1,222 and 1,210 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• South Korea’s November FX reserves decreases to 371.99 bln $ vs previous 375.17 bln $.
   
• Seoul shares open down 0.25 pct at 1965.71.
   
• Euro depreciates against major peers after Italian Prime Minister Matteo Renzi conceded he had lost a constitutional referendum.
   
• Italy’s PM Renzi says I take full responsibility for defeat.
   
• Italy’s PM Renzi says tomorrow afternoon will convene cabinet and hand in resignation to president.

We prefer to go short on EUR/KRW around 1,242, with stop loss at 1,256 and target of 1,237/1,228/1,210.