FxWirePro: EUR/KRW moves in rigid boundaries, further sideways movement likely
EUR/KRW is currently trading around 1,287 mark. It made intraday high at 1,287 and low at 1,283 levels. Intraday bias remains neutral for the moment. A sustained close above 1,289 will take the parity higher towards key …
It made intraday high at 1,287 and low at 1,283 levels.
Intraday bias remains neutral for the moment.
A sustained close above 1,289 will take the parity higher towards key resistances around 1,294, 1,307, 1,315 and 1,327 marks respectively.
On the other side, a daily close below 1,283 will drag the parity down towards key supports around 1,270, 1,257, 1,246 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 0.34 pct.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
