FxWirePro: EUR/KRW moves in stiff boundaries, consistent close above 1,316 requires for upside rally
EUR/KRW is currently trading around 1,315 mark. It made intraday high at 1,316 and low at 1,313 levels. Intraday bias remains neutral till the time pair holds key resistance at 1,316 mark. A sustained close above 1,316 w…
It made intraday high at 1,316 and low at 1,313 levels.
Intraday bias remains neutral till the time pair holds key resistance at 1,316 mark.
A sustained close above 1,316 will take the parity higher towards key resistances around 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. Current upside movement is short term trend correction only.
South Korea’s kospi was trading 0.80 pct higher at 2,087.65 points.
We prefer to take long position on EUR/KRW only above 1,318, stop loss 1,302 and target of 1,327/1,347.
