FxWirePro: EUR/KRW hovers around key support at 1,302 mark, sustained close below requires for downside rally

• EUR/KRW is currently trading around 1,305 mark.
   
• It made intraday high at 1,306 and low at 1,302 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 1,302 mark.
   
• A sustained close above 1,302 will take the parity higher towards key resistances around 1,319, 1,327, 1,347, 1,363, 1,373, 1,410 and 1,434 marks respectively.
   
• On the other side, a daily close below 1,302 will drag the parity down towards key supports around 1,294, 1,287, 1,278 and 1,268 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• South Korea’s Kospi was trading 0.24 point lower at 2,084.35.

We prefer to take short position on EUR/KRW only below 1,302, stop loss at 1,311 and target of 1,294/1,287.