FxWirePro: EUR/KRW hovers around 1,280 mark, consistent close above requires for upside rally
EUR/KRW is currently trading around 1,280 mark. Pair made intraday high at 1,281 and low at 1,278 levels. Intraday bias remains neutral till the time pair holds immediate resistance at 1,280 mark. A sustained close above…
Pair made intraday high at 1,281 and low at 1,278 levels.
Intraday bias remains neutral till the time pair holds immediate resistance at 1,280 mark.
A sustained close above 1,279 will take the parity higher towards key resistances around 1,285, 1,292, 1,307, 1,315, 1,327, 1,338, 1,358 and 1,380 marks respectively.
On the other side, a daily close below 1,272 will drag the parity down towards key supports around 1,267, 1,258, 1,246 and 1,234 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.
Seoul shares open down 0.97 pct.
We prefer to take short position on EUR/KRW around 1,280, stop loss at 1,288 and target of 1,258/1,246.
