FxWirePro: EUR/KRW rejects key resistance at 1,251 mark, short term trend reversal likely

• EUR/KRW is currently trading around 1,242 mark.
   
• Pair made intraday high at 1,249 and low at 1,242 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at 1,251 mark.
   
• A daily close below 1,246 will drag the parity down towards key supports around 1,232, 1,227, 1,218, 1,212, 1,208, 1,200, 1,194, 1,189, 1,178, 1,163 and 1,154 marks respectively.
   
• Alternatively, a sustained close above 1,246 will take the parity higher towards key resistances around 1,252, 1,262 and 1,274 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.

We prefer to take long position in EUR/KRW around 1,238, stop loss at 1,230 and target of 1,251/1,274.