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- EUR/KRW is currently trading around 1,295 mark.
- It made intraday high at 1,298 and low at 1,289 levels.
- Intraday bias remains bullish till the time pair holds immediate support at 1,289 mark.
- A sustained close above 1,294 will take the parity higher towards key resistances around 1,302, 1,323, 1,347 and 1,363 marks respectively.
- On the other side, a daily close below 1,289 will drag the parity down towards key supports around 1,282, 1,274, 1,265 and 1,244 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.
- South Korean banks will remain close for the day.
We prefer to take long position on EUR/KRW around 1,295, stop loss at 1,287 and target of 1,302/1,323.
