FxWirePro: EUR/KRW hovers around 1,300 mark, consistent close above requires for upside rally
EUR/KRW is currently trading around 1,299 mark. It made intraday high at 1,300 and low at 1,298 levels. Intraday bias remains bullish till the time pair holds key support at 1,288 mark. A sustained close above 1,300 will…
It made intraday high at 1,300 and low at 1,298 levels.
Intraday bias remains bullish till the time pair holds key support at 1,288 mark.
A sustained close above 1,300 will take the parity higher towards key resistances around 1,308, 1,324, 1,332, 1,347 and 1,363 marks respectively.
On the other side, a daily close below 1,288 will drag the parity down towards key supports around 1,274, 1,265, 1,244 and 1,222 marks respectively.
Important to note here that 20D, 30D and 55D EMA down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
South Korea’s kospi was trading 0.90 pct lower at 2,175.12 points.
We prefer to take long position on EUR/KRW only above 1,302, stop loss at 1,289 and target of 1,308/1,324.
