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FxWirePro: EUR/KRW rejects key support at 1,194 mark, bias remains slightly bullish

  • EUR/KRW is currently trading around 1,212 mark.
     
  • Pair made intraday high at 1,213 and low at 1,211 levels.
     
  • Intraday bias remains slightly bullish till the time pair holds key support at 1,200 mark.
     
  • A daily close below 1,211 will drag the parity down towards key supports around 1,200, 1,191, 1,184, 1,178 and 1,163 marks respectively.
     
  • Alternatively, a sustained close above 1,211 will take the parity higher towards key resistances around 1,219, 1,228, 1,233, 1,242 and 1,252marks respectively.
     
  • Seoul shares open down 0.85 pct at 2159.97.
     
  • 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.

We prefer to take long position in EUR/KRW around 1,212, stop loss at 1,200 and target of 1,219/1,228.

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