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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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