FxWirePro: EUR/KRW stabilizes above 1,280 mark, consistent close above requires for upside rally
EUR/KRW is currently trading around 1,283 mark. It made intraday high at 1,284 and low at 1,279 levels. Intraday bias remains bullish till the time pair holds key support at 1,270 mark. A sustained close above 1,280 will…
It made intraday high at 1,284 and low at 1,279 levels.
Intraday bias remains bullish till the time pair holds key support at 1,270 mark.
A sustained close above 1,280 will take the parity higher towards key resistances around 1,294, 1,307, 1,315 and 1,327 marks respectively.
On the other side, a daily close below 1,280 will drag the parity down towards key supports around 1,270, 1,257, 1,246, 1,234, 1,218 and 1,206 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 1.32 pct.
We prefer to take long position on EUR/KRW around 1,280, stop loss at 1,270 and target of 1,294.
