FxWirePro: EUR/KRW rejects key support at 1,278 mark, short term trend reversal likely

• EUR/KRW is currently trading around 1,286 mark.
   
• Pair made intraday high at 1,286 and low at 1,280 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 1,278 mark.
   
• A sustained close above 1,281 will take the parity higher towards key resistances around 1,288, 1,295, 1,302, 1,313, 1,327, 1,338, 1,347, 1,355, 1,363, 1,377 and 1,390 marks respectively.
   
• On the other side, a daily close below 1,281 will drag the parity down towards key supports around 1,278, 1,264, 1,253 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.
   
• South Korea’s Kospi was trading at 0.09 percent lower at 2,538.17 points.

We prefer to take short position on EUR/KRW around 1,290, stop loss at 1,302 and target of 1,264.

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