FxWirePro: EUR/KRW hovers around 1,280 mark, sustained close below 1,277 requires for downside rally

• EUR/KRW is currently trading around 1,280 mark.
   
• Pair made intraday high at 1,281 and low at 1,277 levels.
   
• Intraday bias remains neutral till the time pair holds immediate support at 1,277 mark.
   
• A sustained close above 1,277 will take the parity higher towards key resistances around 1,294, 1,302, 1,315, 1,327, 1,332, 1,340, 1,356, 1,377 and 1,392 marks respectively.
   
• On the other side, a daily close below 1,277 will drag the parity down towards key supports around 1,273, 1,264, 1,242
  
  and 1,222 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 0.04 pct.

We prefer to take short position on EUR/KRW around 1,284, stop loss at 1,294 and target of 1,264.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest