FxWirePro: EUR/KRW moves in stiff boundaries, further sideways movement likely
EUR/KRW is currently trading around 1,292 mark. Pair made intraday high at 1,298 and low at 1,292 levels. Intraday bias remains neutral till the time pair moves in stiff directions from 1,290 to 1,298 mark. A sustained c…
Pair made intraday high at 1,298 and low at 1,292 levels.
Intraday bias remains neutral till the time pair moves in stiff directions from 1,290 to 1,298 mark.
A sustained close above 1,299 will take the parity higher towards key resistances around 1,308, 1,315, 1,327, 1,338, 1,358 and 1,380 marks respectively.
On the other side, a daily close below 1,292 will drag the parity down towards key supports around 1,282, 1,277, 1,267, 1,258, 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 down 0.21 pct.
Korea, South August 2018 fx reserves decrease to 401.13 usd vs previous 402.45 usd.
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.
