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Relief Rally Extends to 112.75, but AUDJPY EMA Structure Favors Selling 
- EUR/KRW is currently trading around 1,305 mark.
- It made intraday high at 1,305 and low at 1,301 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1,316 mark.
- A sustained close above 1,316 will take the parity higher towards key resistances around 1,327, 1,347, 1,363, 1,373, 1,410 and 1,434 marks respectively.
- On the other side, a daily close below 1,302 will drag the parity down towards key supports around 1,294, 1,287, 1,278 and 1,268 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.
We prefer to take short position on EUR/KRW around 1,307, stop loss 1,317 and target of 1,294/1,287.
