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- EUR/KRW is currently trading around 1,298 mark.
- Pair made intraday high at 1,299 and low at 1,298 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1,305 mark.
- A sustained close above 1,298 will take the parity higher towards key resistances around 1,305, 1,315, 1,327, 1,338, 1,358 and 1,380 marks respectively.
- On the other side, a daily close below 1,298 will drag the parity down towards key supports around 1,294, 1,286, 1,277, 1,267, 1,258, 1,246, 1,234 and 1,222 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 down 0.21 pct.
We prefer to take short position on EUR/KRW around 1,300, stop loss at 1,305 and target of 1,286/1,267.
