FxWirePro: EUR/KRW remains well supported above 1,278 mark, sustained close below requires for downside rally
EUR/KRW is currently trading around 1,289 mark. Pair made intraday high at 1,290 and low at 1,281 levels. Intraday bias remains slightly bullish till the time pair holds key support at 1,278 mark. A sustained close above…
Pair made intraday high at 1,290 and low at 1,281 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 1,278 mark.
A sustained close above 1,286 will take the parity higher towards key resistances around 1,294, 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 1,286 will drag the parity down towards key supports around 1,278, 1,273, 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.
Seoul shares open up 0.46 pct.
Korea, South Nov 2017 consumer sentiment index increase to 112 balance vs previous 109 balance.
We prefer to take short position on EUR/KRW only below 1,278, stop loss at 1,294 and target of 1,264.
