FxWirePro: EUR/KRW hits fresh 2-month low at 1,277 mark, consistent close below requires for downside rally
EUR/KRW is currently trading around 1,281 mark. Pair made intraday high at 1,281 and low at 1,277 levels. Intraday bias remains neutral till the time pair holds key support at 1,277 mark. A sustained close above 1,277 wi…
Pair made intraday high at 1,281 and low at 1,277 levels.
Intraday bias remains neutral till the time pair holds key support at 1,277 mark.
A sustained close above 1,277 will take the parity higher towards key resistances around 1,294, 1,302, 1,308, 1,315, 1,327, 1,338, 1,358 and 1,380 marks respectively.
On the other side, a daily close below 1,277 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.
South Korean banks will be closed in observance of National Liberation Day.
We prefer to take short position on EUR/KRW around 1,284, stop loss at 1,298 and target of 1,277/1,258.
