FxWirePro: EUR/KRW moves in stiff boundaries, sustained close above 1,315 requires for upside rally
EUR/KRW is currently trading around 1,316 mark. Pair made intraday high at 1,316 and low at 1,313 levels. Intraday bias remain slightly bullish till the time pair holds key support at 1,305 mark. A sustained close above …
Pair made intraday high at 1,316 and low at 1,313 levels.
Intraday bias remain slightly bullish till the time pair holds key support at 1,305 mark.
A sustained close above 1,315 will take the parity higher towards key resistances around 1,332, 1,340, 1,356, 1,377 and 1,392 marks respectively.
On the other side, a daily close below 1,312 will drag the parity down towards key supports around 1,305, 1,298, 1,291, 1,273, 1,264, 1,242 and 1,222 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 0.24 pct.
Korea, South Mar unemployment rate increase to 4 % vs previous 3.6 %.
We prefer to take long position on EUR/KRW only above 1,320, stop loss at 1,312 and target of 1,332/1,340.
