FxWirePro: EUR/KRW moves in stiff boundaries, consistent close below 1,320 requires for downside rally
EUR/KRW is currently trading around 1,323 mark. Pair made intraday high at 1,325 and low at 1,323 levels. Intraday bias remains neutral till the time pair holds key support at 1,320 mark. A sustained close above 1,328 wi…
Pair made intraday high at 1,325 and low at 1,323 levels.
Intraday bias remains neutral till the time pair holds key support at 1,320 mark.
A sustained close above 1,328 will take the parity higher towards key resistances around 1,343, 1,355, 1,377 and 1,392 marks respectively.
On the other side, a daily close below 1,321 will drag the parity down towards key supports around 1,308, 1,302, 1,288, 1,272 and 1,264 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
Seoul shares open up 0.11 pct.
Korea, South Jan PPI growth increase to 0.4 % vs previous 0.1 %.
Korea, South Jan PPI growth y/y decrease to 1.2 % vs previous 2.2 % (revised from 2.3 %).
We prefer to take short position on EUR/KRW only below 1,320, stop loss at 1,332 and target of 1,302.
