FxWirePro: EUR/KRW hovers around 1,280 mark, further downside movement likely

• EUR/KRW is currently trading around 1,281 mark.
   
• It made intraday high at 1,285 and low at 1,281 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1,290 mark.
   
• A sustained close above 1,290 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 1,280 will drag the parity down towards key supports around 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.
   
• South Korea’s kospi was trading 0.90 pct higher at 2,249.68 points.

We prefer to take short position on EUR/KRW around 1,283, stop loss at 1,292 and target of 1,274/1,265.