FxWirePro: EUR/KRW hovers around key resistance at 1,297 mark, sustained close above requires for upside rally

• EUR/KRW is currently trading around 1,295 mark.
   
• It made intraday high at 1,296 and low at 1,295 levels.
   
• Intraday bias remains neutral till the time pair holds immediate resistance at 1,302 mark.
   
• A sustained close above 1,297 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 1,289 will drag the parity down towards key supports around 1,282, 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. Current upside movement is short term trend correction only.
   
• South Korea’s kospi was trading 2.64 pct lower at 2,185.50 points.

We prefer to take long position on EUR/KRW only above 1,302, stop loss at 1,289 and target of 1,323.