FxWirePro: EUR/KRW moves in rigid boundaries, sustained close above 1,289 reqires for upside rally
EUR/KRW is currently trading around 1,280 mark. It made intraday high at 1,283 and low at 1,280 levels. Intraday bias remains neutral till the time pair holds key resistance at 1,289 mark. A sustained close above 1,289 w…
It made intraday high at 1,283 and low at 1,280 levels.
Intraday bias remains neutral till the time pair holds key resistance at 1,289 mark.
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 1,281 will drag the parity down towards key supports around 1,272, 1,265, 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.
Seoul shares open up 0.16 pct.
We prefer to take long position on EUR/KRW around 1,274, stop loss at 1,268 and target of 1,294 mark.
