FxWirePro: EUR/KRW hovers around 1,280 mark, stay bearish only below 1,278 mark
EUR/KRW is currently trading around 1,281 mark. It made intraday high at 1,285 and low at 1,280 levels. Intraday bias remains neutral till the time pair holds key support at 1,278 mark. A sustained close above 1,280 will…
It made intraday high at 1,285 and low at 1,280 levels.
Intraday bias remains neutral till the time pair holds key support at 1,278 mark.
A sustained close above 1,280 will take the parity higher towards key resistances around 1,294, 1,307, 1,315 and 1,327 marks respectively.
On the other side, a daily close below 1,278 will drag the parity down towards key supports around 1,270, 1,257, 1,246, 1,234, 1,218 and 1,206 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 up 0.21 pct.
We prefer to take short position on EUR/KRW only below 1,278, stop loss at 1,290 and target of 1,270/1,257.
