FxWirePro: EUR/KRW hovers around key support at 1,267 mark, sustained close below requires for downside rally

• EUR/KRW is currently trading around 1,268 mark.
   
• Pair made intraday high at 1,269 and low at 1,267 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 1,267 mark.
   
• A sustained close above 1,267 will take the parity higher towards key resistances around 1,280, 1,294, 1,302, 1,315, 1,327, 1,332 and 1,340 marks respectively.
   
• On the other side, a daily close below 1,267 will drag the parity down towards key supports around 1,258, 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.
   
• South Korean banks will be closed in observance of Budhha’s birthday.
   

We prefer to take short position on EUR/KRW only below 1,267, stop loss at 1,280 and target of 1,242.

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