FxWirePro: EUR/KRW hovers around 1,290 mark, sustained close above requires for upside rally
EUR/KRW is currently trading around 1,291 mark. Pair made intraday high at 1,292 and low at 1,285 levels. Intraday bias remains slightly bullish till the time pair holds key support at 1,284 mark. A sustained close above…
Pair made intraday high at 1,292 and low at 1,285 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 1,284 mark.
A sustained close above 1,291 will take the parity higher towards key resistances around 1,296, 1,302, 1,313, 1,327, 1,338, 1,347 and 1,355 marks respectively.
On the other side, a daily close below 1,291 will drag the parity down towards key supports around 1,284, 1,272, 1,264, 1,248 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 up 0.58 pct.
Korea, South Dec trade balance revised decrease to 5.54 bln vs previous 5.8 bln.
We prefer to take long position on EUR/KRW around 1,290, stop loss at 1,272 and target of 1,302/1,313.
