FxWirePro: EUR/KRW remains well supported above 1,280 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 bullish till the time pair holds key support at 1,278 mark.
   
• A sustained close above 1,296 will take the parity higher towards key resistances around 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 1,278 will drag the parity down towards key supports around 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 down 0.01 pct.

We prefer to take short position on EUR/KRW only below 1,278, stop loss at 1,296 and target of 1,253.

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