FxWirePro: EUR/KRW hovers around 1,280 mark, consistent close above requires for upside rally
EUR/KRW is currently trading around 1,280 mark. It made intraday high at 1,283 and low at 1,278 levels. Intraday bias remains neutral till the time pair holds key support at 1,268 mark. A sustained close above 1,280 will…
It made intraday high at 1,283 and low at 1,278 levels.
Intraday bias remains neutral till the time pair holds key support at 1,268 mark.
A sustained close above 1,280 will take the parity higher towards key resistances around 1,288, 1,294, 1,307, 1,315 and 1,327 marks respectively.
On the other side, a daily close below 1,280 will drag the parity down towards key supports around 1,270, 1,257, 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.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
