FxWirePro: EUR/KRW hits fresh 5-week high at 1,226 mark, sustained close above targets 1,242
EUR/KRW is currently trading around 1,220 mark. Pair made intraday high at 1,224 and low at 1,219 levels. Intraday bias remains neutral till the time pair holds key support at 1,217 mark. A daily close below 1,223 will d…
Pair made intraday high at 1,224 and low at 1,219 levels.
Intraday bias remains neutral till the time pair holds key support at 1,217 mark.
A daily close below 1,223 will drag the parity down towards key supports around 1,217, 1,208, 1,200, 1,194, 1,189, 1,178, 1,163 and 1,154 marks respectively.
Alternatively, a sustained close above 1,223 will take the parity higher towards key resistances around 1,228, 1,233, 1,242 and 1,252marks respectively.
Seoul shares open down 0.16 pct at 2144.98.
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 Korea’s March PPI growth m/m decrease to -0.1 % vs previous 0.4 % (revised from 0.3 %).
South Korea’s March PPI growth y/y decrease to 4.2 % vs previous 4.3 % (revised from 4.2 %).
We prefer to take long position in EUR/KRW only above 1,223, stop loss at 1,217 and target of 1,233/1,242.
