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- EUR/KRW is currently trading around 1,301 mark.
- Pair made intraday high at 1,303 and low at 1,298 levels.
- Intraday bias remain bullish till the time pair holds immediate support at 1,298 mark.
- A sustained close above 1,298 will take the parity higher towards key resistances around 1,307, 1,315, 1,332, 1,340, 1,356, 1,377 and 1,392 marks respectively.
- On the other side, a daily close below 1,298 will drag the parity down towards key supports around 1,291, 1,273, 1,264, 1,242 and 1,222 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 0.68 pct.
We prefer to take short position on EUR/KRW only below 1,298, stop loss at 1,310 and target of 1,273.
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