FxWirePro: EUR/KRW moves in stiff boundaries, good to sell on rallies
EUR/KRW is currently trading around 1,277 mark. Pair made intraday high at 1,278 and low at 1,275 levels. Intraday bias remains neutral till the time pair holds key resistance at 1,285 mark. A sustained close above 1,279…
Pair made intraday high at 1,278 and low at 1,275 levels.
Intraday bias remains neutral till the time pair holds key resistance at 1,285 mark.
A sustained close above 1,279 will take the parity higher towards key resistances around 1,285, 1,292, 1,307, 1,315, 1,327, 1,338, 1,358 and 1,380 marks respectively.
On the other side, a daily close below 1,272 will drag the parity down towards key supports around 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. Current upside movement is short term trend correction only.
Seoul shares open up 1.50 pct.
We prefer to take short position on EUR/KRW around 1,280, stop loss at 1,288 and target of 1,270/1,258/1,246.
