FxWirePro: EUR/KRW remains well supported above 1,300 mark, downside limited
EUR/KRW is currently trading around 1,305 mark. Pair made intraday high at 1,306 and low at 1,305 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 1,310 mark. A sustained close ab…
Pair made intraday high at 1,306 and low at 1,305 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 1,310 mark.
A sustained close above 1,308 will take the parity higher towards key resistances around 1,315, 1,327 and 1,338 marks respectively.
On the other side, a daily close below 1,300 will drag the parity down towards key supports around 1,294, 1,286, 1,277, 1,267, 1,258, 1,246, 1,234 and 1,222 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.
Seoul shares open up 0.58 pct.
We prefer to take long position on EUR/KRW around 1,300, stop loss at 1,290 and target of 1,315/1,327.
