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FxWirePro: EUR/KRW hits fresh 2-month low at 1,314 mark, bias turns bearish again

EUR/KRW is currently trading around 1,313 mark. Pair made intraday high at 1,320 and low at 1,313 levels. Intraday bias remains bearish till the time pair holds key resistance at 1,332 mark. A sustained close above 1,319…

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FxWirePro: EUR/KRW hits fresh 2-month low at 1,314 mark, bias turns bearish again
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  • EUR/KRW is currently trading around 1,313 mark.
     
  • Pair made intraday high at 1,320 and low at 1,313 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 1,332 mark.
     
  • A sustained close above 1,319 will take the parity higher towards key resistances around 1,332, 1,338, 1,356, 1,377 and 1,392 marks respectively.
     
  • On the other side, a daily close below 1,319 will drag the parity down towards key supports around 1,308, 1,298, 1,288, 1,272 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 up 0.43 pct.

We prefer to take short position on EUR/KRW around 1,318, stop loss at 1,332 and target of 1,288.

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